Released: December 04, 2007

Treasury Secretary outlines mortgage fix

Source: David Cho and Neil Irwin, Washington Post (Free Registration)

Treasury Secretary Henry M. Paulson Jr. unveiled new details of the Bush administration’s mortgage-relief plan yesterday, including a proposal that would grant new powers to local governments to refinance the mortgages of struggling homeowners.

Paulson spoke publicly for the first time on the strategy that would temporarily freeze interest rates for many troubled homeowners or help them refinance, a plan that is gaining momentum among federal regulators, leaders of the mortgage and housing industries, and lawmakers of both parties as the mortgage crisis worsens.

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