December 3, 2007

Paulson says mortgage plan ready this week (Reuters)

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)Reuters – U.S. Treasury Secretary Henry
Paulson said on Monday he hoped a plan to spare homeowners
facing mortgage-rate spikes would be ready by week's end and
expressed faith the economy would dodge recession despite the
deep housing slump.

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