Lenders weigh plan to freeze rates on ARM loans

Lenders and loan servicers who have signed onto the Bush administration's HOPE NOW initiative to improve communications with troubled borrowers may be prepared to take a more radical step -- freezing the interest rates on some subprime loans scheduled to reset.

When launched in October, the HOPE NOW initiative was a partnership between the Treasury Department, U.S. Department of Housing and Urban Development, and 11 loan servicers that handle 60 percent of U.S.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.