White House Unveils Plan To Help Subprime Borrowers
Subprime borrowers and mortgage strapped homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on their subprime mortgages that are scheduled to rise in the coming months. The plan is being promoted as a voluntary, private-sector arrangement that involves no government money. The plan will affect 1.2 million people who could possibly be eligible for help. But only a fraction will be subject to the rate freeze. Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration.
Thousands of borrowers who are falling behind on their payments have been sent letters about the options they have in keeping their mortgage current. People can now call a new hot line: 1-888-995-HOPE to discuss mortgage assistance.
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