Private Sector Players Pledge Mortgage Bailout Relief
- "Freddie Mac told a Senate foreclosure-avoidance summit last Wednesday that it planned to devote $20 billion to help refinance subprime buyers facing unaffordable payment adjustments or foreclosure into fixed rate conventional loans."
- "Fannie Mae earlier had announced a new refinancing program of yet-undetermined dollar volume to reach out to ailing subprime borrowers with adjustable rates on the rise."
- "Washington Mutual announced last week that it would refinance up to $2 billion worth of subprime adjustables into 30-year fixed rate loans, and cut one half percentage point off its regular fixed rates to make the deals more affordable."
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