President Bush to Announce Mortgage Plan this Week

In the news today, it's being reported that later this week President Bush may announce a mortgage plan that he's worked out with the mortgage industry. Details are sketchy, but may involve an arrangement whereby banks will freeze the rates of certain subprime mortgages that were taken out from 2005 through the middle of 2007. The targeted adjustable rate loans are scheduled to have their rates (and payments) adjust up between the start of 2008 and mid-2010.

Watch the news later this week to see if this plan is put in place, and what the detail are!