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Tuesday, January 8, 2008

Treasury Secretary defends mortgage rate freeze plan for some subprime borrowers

January 8 2008
Treasury Secretary Henry Paulson used a speech Monday to defend a plan brokered by the Bush administration to "freeze" mortgage rates for some subprime borrowers and also to call on Congress to pass legislation to head off a housing crisis. "Over the next two years, we ... face an unprecedented wave of 1.8 million subprime mortgage resets, raising the potential of a market failure," Paulson said. By coordinating the alliance of lenders, servicers and investors known as HopeNow, which is implementing the rate-freeze plan, the Administration is helping to prevent avoidable foreclosures and safeguard neighborhoods and communities without using taxpayer money, Paulson said.

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