Few subprime borrowers get help

The Bush administration says that mortgage companies have been willing to work with struggling subprime borrowers, but only a relative few have gotten relief from their lender. About 16.7 percent of subprime borrowers are behind in their payments and 6.8 percent are in foreclosure. Treasury Secretary Henry Paulson said that the Federal Reserve’s series of interest rate reductions has created a ” low interest-rate environment “that will reduce the impact of rate resets on adjustable-rate mortgages.