Mortgage news

News, trends and analysis of the mortgage and credit market

Thursday, December 6, 2007

Bush subprime plan offers help to 1.2M

December 6 2007
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.

See Today's Mortgage Rates

Email this article to a friend | Send us a comment


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home