Help for Homeowners Facing Foreclosure

BUSH ADMINISTRATION ANNOUNCES PLAN TO ASSIST HOMEOWNERS FACING FORECLOSUREThe Bush Administration laid out details Dec. 6 outlining a plan to offer a five-year freeze on mortgage rates for eligible borrowers facing threats of foreclosure due their inability to keep up with resets on their adjustable, subprime mortgages. "This is a private sector effort, involving no government money;" said U.S. Department of Treasure Secretary Henry M. Paulson, Jr.Under the terms of the plan, interest rates on adjustable subprime mortgages taken out between Jan. 1, 2005, and July 31, that are scheduled to reset between Jan. 1 and July 31, 2010, will hold at their introductory offers for five years. It is hoped that the plan could provide relief for some 1.2 million struggling homeowners by giving them time to ride out the slowing housing market until they are able to refinance their loans into more affordable, fixed-rate loans.To read Paulson's statement, go directly to: http://www.ustreas.gov/press/releases/hp716.htm.