Lenders Freeze Mortgages Rates For Some

The Administration and the mortgage industry came to an accord yesterday to freeze loan rates and offer relief for some sub-prime mortgage borrowers. Here’s the salient details.

Borrowers…

Current on payments get to keep low introductory rates for five years. Salvation!
Delinquent on payments: Screwed.
Who can afford higher monthly payments: Screwed.

Lenders Agree to Freeze Rates on Some Loans [NYT]
(Photo: amyadoyzie)