White House and Banks Near Deal to Temporarily Stop Subprime Rate Hikes
According to reports from the Wall Street Journal, the White House and major financial institutions are close to a deal that would temporarily freeze interest rates hikes on adjustable rate subprime mortgages.
The administration is working with mortgage-related companies including Citigroup (NYSE: C), Wells Fargo (NYWE: WFC), Washington Mutual (NYSE: WM) and Countrywide Financial (NYSE: CFC), among others, to reassure investors and homeowners on the more than two million adjustable mortgages set to reset over the next two years.
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