Bush to Announce ARM Loan Freeze Plan Thursday

The Associated Press is reporting that President Bush will announce a plan on Thursday that will allow subprime adjustable rate mortgage holders to freeze their interest rate for up to five years.  A move that the administration hopes will stem the wave of foreclosures currently battering the country's housing market. From the article: The Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures, congressional aides said Wednesday. [A] person familiar with the matter said the rate-freeze plan would apply to borrowers with loans made at the start of 2005 through July 30 of this year with rates that are scheduled to rise between Jan. 1, 2008, and July 31, 2