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December 5, 2007

White House Pushes To Freeze Rate Adjustments

President Bush Thursday is set to unveil details of a plan to help head off a wave of mortgage foreclosures hitting homeowners whose adjustable-rate loans are resetting to monthly payment they can’t afford.

Under terms of an agreement hammered out between the administration and lenders, interest rates would be frozen for five years on certain subprime mortgages, congressional aides said.

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