December 6, 2007

Bush announces mortgage rate freeze plan (AP)

US President George W. Bush makes a statement on housing with US Treasury Secretary Henry Paulson (R) and US Housing and Urban Development Secretary Alphonso Jackson (L) in the Roosevelt Room of the White House in Washington, DC.  A wide-ranging mortgage relief package was unveiled Thursday by Bush, who said interest rate freezes and refinancings agreed upon by lenders could help 1.2 million distressed homeowners.(AFP/Jim Watson)AP – Distraught homeowners facing the grim prospect their monthly mortgage payments soon will surge found hope Thursday they can hold onto their houses by qualifying for a five-year freeze in loan rates.

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