Homeowners could get some relief from a plan negotiated by the Bush administration to freeze interest rates on subprime mortgages that are scheduled to rise in the coming months. The President has been accused of moving too slowly to address a crisis that has spread to the broader financial market. But he also was careful not to sound as if government money was involved. This plan involves a voluntary, private-sector arrangement among some of the largest lenders.
1.2 million people could be eligible for help, but only a fraction will be eligible for help iin the form of a rate freeze. Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration.
The aid will only come to those who ask for it and call: 1-888-995-HOPE.
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