Bush Plans to Freeze Subprimes

Have you been praying for relief? Finally, the Bush administration should announce Thursday an arrangement of sorts with the mortgage industry.

The plan is to freeze interest rates for some subprime mortgages for 5 years. The plan includes a provision to fast track some borrowers toward refinanced loans.

The Bush agreement also will allow state and local governments to use more tax-exempt bond programs in order to assist with funding re-financings.

Many have been praying and it appears there is some relief in site. Tomorrow's plan comes amid concerns about rising home-foreclosure rates.