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Bush wins agreement to freeze mortgages
President Bush will announce this afternoon an agreement with major mortgage firms to freeze interest rates for five years for financially troubled homeowners -- a plan advocates say will help forestall a major foreclosure crisis but some conservatives say amounts to a bailout of people who made bad financial decisions. The plan would apply to homeowners who got adjustable-rate subprime mortgages between Jan. 1, 2005 and July 31, 2007 and are facing a sharp jump in their rates before July 31, 2010.
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