A Freeze on Interest Rates for Subprime Borrowers
Major financial institutions and the Bush Admin. are looking into a plan to freeze interest rates for some Subprime borrowers. They are coming close to working out a plan that would on an individual basis look at borrowers and their ability to pay once interest rates reset. The details on how this will work is still up in the air, but it may be a fix or as CNBC says maybe just a band-aid. Below is an interview with Angelo Mozilo, Countrywide Financial chairman/CEO where they talk about such a plan.
