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Plan Freezes 'Teaser' Rates of Subprime Loans

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Plan Freezes 'Teaser' Rates of Subprime Loans

Economy

Plan Freezes 'Teaser' Rates of Subprime Loans

Plan Freezes 'Teaser' Rates of Subprime Loans

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  • <iframe src="https://www.npr.org/player/embed/16981168/16981124" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

President Bush's plan to slow the rate of foreclosures in the United States should bring relief to hundreds of thousands of homeowners who took out adjustable mortgage rates and are at risk of losing their homes. The government struck a deal with the mortgage industry to freeze "teaser" rates of sub-prime loans for five years.

U.S. Rep. Brad Miller (D-NC), sponsor of the Mortgage Reform and Anti-Predatory Lending Act, talks with Robert Siegel.

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