December 3, 2007

US nears deal on mortgage defaults (AP)

A foreclosure sign is seen in Antioch, California November 27, 2007. Mortgage industry executives worked on Saturday to hammer out details of a homeowner rescue plan that would freeze interest rates on some U.S. subprime mortgages for up to seven years, but questions remained over how to avoid investor lawsuits and other legal challenges. (Erin Siegal/Reuters)AP – Treasury Secretary Henry Paulson said Monday an agreement was near on a proposal to help thousands of at-risk homeowners avoid foreclosures by temporarily freezing their mortgage rates.

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