In response to the national mortgage crisis, the White House plan will freeze interest rates for 1.2 million homeowners current with the payments on their adjustble rate mortgages (ARMs). Although good news for struggling homeowners, limitations on the freeze mean it won’t help as many borrowers.
According to CNNMoney.com, strict stipulations mean that only a fraction of the subprime ARMs will actually be frozen at reasonable interest rates. One organization in New York estimates that only 145,000 households will qualify nationwide.
On the other hand, the governmental interest may result in relief to more borrowers in the future. And, due to its strong economy, Austin has been largely unaffected by the current housing and mortgage struggle.
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