Mortgage Rate Freeze

There may be some relief in sight for some California homeowners struggling to make mortgage payments. The federal government and mortgage lenders announced a plan this week to freeze interest rates for five years on certain sub-prime loans that face a rate hike. Each week, 12,000 Californians receive foreclosure notices and critics say the plan doesn't go far enough. Guest host Oanh Ha talked about the proposal with State Assemblyman Ted Lieu and Laura Pephens, a member of the board of directors for the California Mortgage Bankers Association.