BIG BREAK FOR TEXAS BORROWERS

Countrywide Financial, in an effort to resolve lawsuits against it, has launched the largest program ever to help struggling homeowners in Texas and ten other states. The lender, recently acquired by Bank of America, will provide a total of $8.7 billion to borrowers,...

BUSH ANNOUNCES FIVE-YEAR FREEZE

President Bush announced this week plans for a five-year freeze on interest rates for subprime mortgages. “We should not bail out lenders, real estate speculators or those who made the reckless decision to buy a home they knew they could never afford,”...

HOPE FOR SUBPRIME HOMEOWNERS

The Bush administration has announced a new mortgage industry coalition aimed at helping homeowners avoid foreclosures. Treasury Secretary Henry Paulson said the initiative, called HOPE NOW, would coordinate efforts by financial companies to help an estimated two...