Freeze on Subprime ARMs

Great news for sub prime mortgages. President Bust has put together an agreement to freeze interest rates for up to five years on certain sub prime adjustable rate mortgages. This is just a temporary fix, but it will help people keep their homes and not let them go into foreclosure. During the freeze, they should be refinancing to a fixed mortgage. Even if they cannot get a 30 year fixed mortgage at a rate they like, they will have the time to improve their credit rating, pay off debt, or do whatever they need to do to improve their standing.