The Bush administration has reportedly reached a deal with the mortgage industry to stem the tide of foreclosures by freezing the interest rate of some subprime mortgages. A five-year moratorium on rate increases would apply to loans made from 2005 through July 30 of this year, and with rates that will start increasing in January. Treasury Secretary Henry Paulson, who has pushed for the plan, said it would apply only to owner-occupied homes.
Deal reached on rate freeze
December 05, 2007 04:57PM
