Last updated 6:39PM ET
October 17, 2017
WOUB Local News
WOUB Local News
Brown not happy with mortgage plan
(2007-12-06)
(WOUB) - President Bush is announcing a private-sector plan to help many thousands of strapped homeowners whose mortgage payments are scheduled to rise in the coming months.

The plan would freeze interest rates on certain loans for five years.

But there are tough new requirements, including that borrowers can't have missed any payments at the old, lower rates.

Bush says the plan isn't a bailout of real estate speculators or anyone who made a "reckless" decision to buy homes they couldn't afford.

He calls it a "sensible response to a serious challenge."

But, Ohio Senator Sherrod Brown says the plan doesn't go far enough.

More than a million people could be eligible for help under the Bush plan.
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