Filed under: Industry, Citigroup Inc. (C), Countrywide Financial (CFC), Washington Mutual (WM), Economic data, Housing

It may be a little late for this, but the government and some banks want to freeze subprime rates for some lenders. For those who have already been through foreclosures, it is a lot late.

According to The Wall Street Journal, “the administration and major financial institutions are close to agreeing on a plan that would temporarily freeze interest rates on certain troubled subprime home loans.” Among the financial institutions that will probably participate are Citigroup (NYSE: C), Washington Mutual (NYSE: WM) and Countrywide (NYSE: CFC).

The financial paper adds that “interest rates are set to reset next year on $362 billion worth of adjustable-rate subprime mortgages, according to Banc of America Securities.”

Continue reading US government and banks want to freeze some subprime rates

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This entry was posted on Friday, November 30th, 2007 at 2:49 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.