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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (120685)	12/4/2007 9:56:33 AM
From: Karen Lawrence	Respond to of 361700

Oh my goodness - the poor BANKS are losing billions!!! Execs are losing their jobs! Bush to the rescue: Bush administration pushing for freeze on mortgage rates Proposal would halt interest rates on loans made to risky borrowers Combined News Services Article Last Updated: 12/03/2007 11:36:15 PM MST This past summer, President Bush favored government restraint as troubles grew in the nation's housing market. Now, with top Wall Street banks losing billions of dollars in investments tied to home loans, executives losing their jobs and concerns about wider economic fallout mounting, the Bush administration is pressuring the mortgage industry to offer a sweeping approach to fix the problem. The sudden momentum behind a government-backed proposal to freeze interest rates on hundreds of thousands of loans made to risky borrowers before they reset at higher rates is a direct response to the shifting financial and political realities, analysts say. The Bush administration is ''willing to consider action that would have been inconceivable just weeks ago,'' mortgage industry consultant Howard Glaser wrote in a research note. Treasury Secretary Henry Paulson said Monday an agreement was near on a proposal to help thousands of at-risk homeowners avoid foreclosures by temporarily freezing their mortgage rates. One of the last remaining issues to be resolved, officials said, was the exact length of time the low-teaser rates will be frozen. Paulson expressed optimism that an agreement could be reached very soon, possibly before the end of this week. sltrib.com