mortgage mkt update as of 11 05 2007

The housing sector took center stage Wednesday. According to a report on the Wall Street Journal website, the Bush administration is expected to announce Thursday an agreement with the mortgage industry to freeze interest rates for certain subprime mortgages for five years. In addition, the plan includes a provision to fast track some borrowers toward refinanced loans and allow state and local governments to use more tax-exempt bond programs to fund refinancings. The plan comes amid concerns about rising home-foreclosure rates.