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Northern Colorado Real Estate Info
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Treasury to unveil details of mortgage plan, an article from MSNBC.com, reports that on Thursday, President Bush is set to unveil details of a plan to help head off a wave of mortgage foreclosures hitting homeowners whose adjustable-rate loans are resetting to monthly payment they can't afford. Congressional aides said that under terms of an agreement hammered out between the administration and lenders, interest rates would be frozen for five years on certain subprime mortgages. The result of negotiations led by Treasury Secretary Henry Paulson, the White House plan would freeze interest rates at lower starter rates on many loans that were popular with lenders and borrowers the tail end of the housing boom. According to Paulson, the government wanted to freeze rates to give homeowners and lenders more time to refinance or modify terms of existing loans.
http://www.msnbc.msn.com/id/22116043/
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