Quote:
Originally Posted by Michaelangelica
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No, he hasn't. There is no 'freeze' although he has 'recommended' that the lenders work out deals with subprime borrowers that fit the following stipulations:
They have made all their payments up to this point on time.
They can afford their current interest rate.
They can't afford the rate once it adjusts upwards.
Their loan was taken out between 2005 and 2007 and is due to adjust up between 2008 and 2009.
I think there are about 10 borrowers that fit
Bush has no authority to freeze these rates and any legislation will be dead on arrival in congress. It is just more hot air.
