Bush administration close to mortgage deal

WASHINGTON (CNN) - The administration is close to an agreement to freeze rates for homeowners facing possibly sharp increase in mortgage interest rates, according to administration sources.

The officials say they are close to a deal on a plan to freeze rates for subprime mortgages for qualified borrowers for five years. The rates would be frozen if borrowers meet certain criteria, including being current on payments and prove they cannot afford a higher rates.

Officials caution that the mortgage industry has yet to agree to this but they are cautiously optimistic they will sign off on it as well.

- CNN's Ed Henry and Jessica Yellin

Filed under: President Bush

soundoff (28 Responses)

Kate, Aurora CO

I have no sympathy for people who were irresponsible and selfish. Just because the big bad lender said you could afford a home well beyond your means, didn't mean it was true. Thanks to these morons people like me, who read between the lines and know what is financially possible, could not afford a home. Their selfish and stupid actions drove up the market so high that affording a starter home was impossible. Now we want to bail these people out? What about those such as myself who ended up having to wait to buy a home? Can I have some sort of rebate on the high rental costs? This is ridiculous. Whatever happened to personal responsiblity??

December 6, 2007 12:27 pm at 12:27 pm |
HISTORY REPEATS, NY

B, Cleveland, OH

i agree with you 100% i hate bush, to be honest. but the irrevelance of that post compared to the revelance of other posts i have put up that have been deleted makes me wonder who is making the decisions at CNN boards

December 6, 2007 12:57 pm at 12:57 pm |
Gary, Detroit, Mich.

HISTORY REPEATS, NY

I know just what you mean about some of these posts. It's just plain despicable. And right now I am laughing so hard my eyes are watering.

December 6, 2007 01:25 pm at 1:25 pm |