President Bush presents a plan Thursday to help homeowners who face soaring mortgage payments. The White House has convinced lenders to voluntarily freeze interest rates on many mortgages. The president stresses this is not a bailout and that no government money will be used.
Bob Moon of Marketplace talks to Alex Chadwick about the plan. Then, we hear from Zach Urban, a housing counselor in Denver, which has one of the highest foreclosure rates in the country. We also talk to Larry Litton, chief executive officer of a mortgage-servicing company in Houston.
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