Administration, lenders defend rate freeze plan
Backers say up to 1.2 million loans eligible for refis, workouts
By Matt Carter, Thursday, December 6, 2007.A plan to refinance or freeze the interest rates on up to 1.2 million subprime adjustable-rate mortgages for five years is not a "silver bullet" solution for all homeowners, but will help reduce the impact of the housing downturn on the economy and communities affected by foreclosures, Treasury Secretary Henry Paulson said Thursday.
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