Bush Gets Lenders to Freeze Sub-Prime Mortgage Rates

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With anxiety rising about the economy, President Bush today announced a plan to help homeowners with sub-prime mortgages. It would freeze the so-called "starter" interest rate for certain borrowers to prevent increases that could otherwise force them into foreclosure. Michael Mandel, chief economist for BusinessWeek magazine, is the author of Rational Exuberance.

Credits

Guest:
Michael Mandel - Editor in Chief, Visible Economy

Host:
Warren Olney

Producers:
Katie Cooper, Christian Bordal, Karen Radziner