A subprime fix?

President Bush is unveiling a plan to freeze interest rates on some subprime mortgages for five years to stave off a wave of foreclosures. This looks like a "promising" fix, said The Washington Post. Plenty of people will still be "left out

What happened

President Bush is expected on Thursday to unveil a five-year freeze on interest rates for some subprime mortgages. (Financial Times via MSNBC) Lenders agreed to the plan, which was crafted by Treasury Secretary Henry Paulson to ease a coming wave of foreclosures threatening to tip the economy into recession. Democrats said the plan didn't go far enough. (The New York Times, free registration)

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