Industry set terms of rate freeze

While President Bush announced the plan to freeze the adjustable
interest rates of some mortgages yesterday, the terms of the deal were
set by the mortgage industry and Wall Street. Only a small number of
subprime borrowers will be affected. Participation by lenders is
voluntary. Experts are awaiting more details on the plan, which has
been criticized alternately for helping reckless borrowers and for not
going far enough to prevent foreclosures. more [NYT] and more [Post] and more [WSJ]