White House nears plan to freeze subprime rates

Administration sources say an agreement with the mortgage industry to freeze interest rates on subprime loans is near.

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WASHINGTON (CNN) -- The Bush administration is close to an agreement to freeze rates for homeowners who face a possibly sharp increase in mortgages interest rates, administration sources said Wednesday.

The officials said 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 being able to prove they cannot afford a higher rates.

Officials caution that representatives of the mortgage industry have yet to agree to this, but they are cautiously optimistic they will sign off on it as well. To top of page



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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.