White House to announce mortgage aid plan

0 Comments | AFP, December, 2007

WASHINGTON (AFP) — The administration of President George W. Bush was set to unveil its plan Thursday for averting a wave of home foreclosures, with some reports saying it may include a freeze on some interest rates.

Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson scheduled a news conference for 1845 GMT Thursday, according to a Treasury statement Wednesday.

The briefing would be on the administration's "ongoing efforts to help struggling homeowners keep their homes, the statement said.

According to The Wall Street Journal, Paulson was to propose a five-year freeze on resets of some adjustable-rate mortgages to higher rates and monthly payments.

Paulson also has been working with banks to set up a...