The dying mortgage industry in the US are now being backed up by a mortgage plan, carefully outlined to save US homeowners from subprime mortgages which are expected to increase in the next few months. Bush government are planning to freeze the interest rates so to rescue the homeowners from excessive interest rates.
Bush said 1.2 million people could be eligible for help. But only a fraction will be subject to the rate freeze. Others would get assistance in refinancing with their lenders and moving into loans secured by the Federal Housing Administration, Bush said.
Also, the aid will only come to those who ask for it, he said. Thousands of borrowers who are falling behind on their payments have been sent letters about the options, and Bush also urged people to call a new hot line: 1-888-995-HOPE.
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