2008-02-11 — breitbart.com
Under the latest plan, borrowers with subprime hybrid adjustable-rate mortgages, which typically were issued with a low "teaser" interest rate and then adjust higher after two or three years, could be offered the option of refinancing into a lower prime rate loan, or have their initial interest rate frozen for five years.
We'll see if Countrywide has the cojones to do anything besides repayment plans, which make up 3/4ths of the "workouts" so far.
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