Paulson Denies Rumored 4.5 % Mortgage Rate Plan

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The U.S. Treasury Department secretary henry paulson spoke out Tuesday denying the rumor that he and the Treasury are contemplating a plan to initiate a 4.5 percent mortgage rate for new home.

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Paulson agreed that "housing values have been falling," but he did not elaborate on why millions of Americans could no longer pay their mortgages. Cox blamed it on a "failure of lending standards" and said that the SEC had a number of ongoing investigations of fraud in the mortgage application process.

The U.S. Treasury Department secretary Henry Paulson spoke out Tuesday denying the rumor that he and the Treasury are contemplating a plan to initiate a 4.5 percent mortgage rate for new home loans issued through Fannie mae (fnm: 0.66-4.35%) and Freddie Mac (fre: 0.65 -5.80%), according to a MarketWatch bulletin.

U.S. Treasury Secretary Henry Paulson made the rounds of all the media outlets this morning, touting his bailout rescue plan of government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008," was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush.The act became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007-2008.

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Paulson had been pushing a plan in Congress. At the time, rumors about Fannie and Freddie were tearing through the markets. The government-chartered firms’ mandate, which continues today, is to buy.

One month LIBOR has been in the 4.5% range recently, so if these rates held up for the next several weeks, the next reset would be over 14%. For a private loan market reeling from the recent exodus of lenders, this is extremely bad news for students. This combined with rumors of a Citibank cutback in private loans creates a crisis situation in.

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The Wall Street Journal reported this afternoon that Treasury Secretary Henry Paulson is considering a plan to support home prices by reducing mortgage rates on new home loans. Under the plan.