Bush to Unveil Aid to Homeowners |
| Wall Street Journal - Dec 6, 2007 |
President Bush is set to announce a plan to help struggling homeowners avoid losing their properties, including a temporary freeze on low, introductory mortgage-interest rates that would otherwise jump higher in the next few years.
The plan, expected to be announced today, seeks to combat a rising tide of foreclosures by making it easier for lenders to freeze the "starter" interest rate for certain borrowers for five years, according to a document being circulated by the Treasury Department.
It includes an agreement, brokered by Bush administration officials, between the loan servicers who would administer a rate freeze and the investors to whom the mortgage debt has been sold. The agreement sets conditions under which rates on certain loans could be temporarily frozen.
Read Full Article from Wall Street Journal
- Posted: 2007-12-06 09:47:49
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