Bush subprime plan offers help to 1.2M

December 6 2007 Money.CNN.com Mortgage interest rates will be frozen only for ARM borrowers who are not yet in foreclosure. The Bush administration unveiled a foreclosure relief plan Thursday that the White House said could help 1.2 million distressed homeowners. But the freeze is limited. It excludes anyone more than 30 days late at the time the mortgage would be modified or anyone who has been more than 60 days late at any time within the previous 12 months. It also only covers borrowers with adjustable rate mortgages (ARMs) resetting beginning in 2008 and leaves out any who are judged capable of continuing to make mortgage payments at the higher reset rates.

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