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Sunday, December 2, 2007

Rate freeze plan for ARMs gains traction

November 30 2007
Plans to suspend interest rate increases for resetting adjustable rate mortgages are moving forward. One solution to the foreclosure problem gaining traction would freeze rates at lower levels. Lenders quietly began offering such freezes during the summer. Last week California officials announced a rate-freeze deal with four major lenders. And now the Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department, is working on its own version of a freeze. Details of the Hope Now plan have not been finalized, according to Kurt Pfotenhauer, a senior vice president for government affairs with the Mortgage Bankers Association, which is part of the Alliance.

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