December 05, 2007

Details On Mortgage Rescue Plan Tomorrow

It looks like President Bush will also participate in tomorrow's joint press conference at the Treasury Department. Secretary Henry Paulson and HUD Secretary Alphonso Jackson are scheduled to speak at 1:45. A source told the Wall Street Journal (subscription) that the plan will apply to "certain loans originated between Jan. 1, 2005, and July 31, 2007, that will reset between Jan. 1, 2008, and July 31, 2010." Those borrowers, presumably, will be allowed to pay back their loans at their current interest rates. We'll report on the confirmed details of the plan after tomorrow's presser.

In related news, Sen. Hillary Rodham Clinton called for a 90-day freeze on foreclosures and a voluntary five-year freeze on interest rates to help borrowers hang on to their homes. In an interview on CNBC, she said she would also consider legislation that would force the mortgage industry to work with borrowers at risk of foreclosure.

Posted at 4:31 PM
Posted to: Bush Administration, Congress, Economy, President Bush, Senate
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