NEW YORK - The Bush administration is working behind the scenes with industry on a plan to extend lower, introductory interest rates on home loans before they reset at higher levels amid hints by Fed Chairman Ben Bernanke of another cut in a key interest rate to keep the economy from falling into recession.
Treasury Secretary Henry C. Paulson and other top regulators met Thursday with loan servicing companies — firms that collect and distribute loan payments — and other industry executives. No formal agreement was announced, but an accord on this issue could be be revealed in the next week or two.
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11-30-2007, 03:03 PM
Banks, US near deal on subprime mortgages.
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