Subprimes and Foreclosure
Freddie Mac and Fannie Mae plan to help homeowners with subprime loans avoid foreclosure.
In prepared congressional testimony, Fannie Mae Chief Executive Daniel Mudd is expected to tell the House Financial Services Committee today that the housing Government-Sponsored Enterprise is expanding its products to allow subprime borrowers to refinance out of certain adjustable-rate mortgages that carry low "teaser" rates for the first two or three years and then reset to much higher monthly payments.
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