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SEARCHPutting a FREEZE on Subprime Rates
President Bush and Treasury Secretary Henry Paulson came out with a plan to help the subprime real estate market from the Washington D.C. real estate market to our backyard in the Dublin Ranch real estate market. The plan to freeze rates of certain borrowers is still somewhat unknown on how it will work or even what the qualifications are. Bush acknowledged that this a vry ‘complex’ situation and will take time to outline exactly how this will work. I look forward to see how it will work and how they will protect the plan from being taken advantage of. Currently the plan stats that it must be owner occupied and currently no late payments and there must be proof that in the future you cannot make payment once rates reset. Is this a band-aid or will it truly help the million plus homeowners that will see a reset in the coming years? And is this a bail out for the lending institutions? After all if there are less foreclosures then that is less money they will lose…
