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Lenders Consider Freezing Rates on Subprime Loans

Treasury Secretary Henry Paulson is leading talks with major mortgage lenders.

An estimated 2 million subprime loans are scheduled to "reset" to higher interest rates during the next two years. Lenders are talking about freezing rates where they are to hold down rising defaults and foreclosures.

The Wall Street Journal reports that officials involved in the talks hope to have a detailed plan by the end of the year.

Copyright 2023 NPR. To see more, visit https://www.npr.org.

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.