Mortgage Reset Plan To Be Unveiled Later Today
Hoping to prevent a tidal wave of residential foreclosures, the White House will unveil its mortgage rate “reset” plan Thursday afternoon, according to industry officials.
Details were sketchy at deadline time, with two major issues still undecided: whether subprime ARM rates would be frozen for three years or five, and what specific criteria would be used to determine which home owners are eligible for a rate freeze.
Commenting on some of the proposals being bandied about, one investment banker said: “How do you freeze the subprime rate and tell the conventional guy who has been paying steadily that he doesn’t get a rate freeze?”
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Tags: Mortgage Implosion, Mortgage News, Mortgage Resets
