freddie mac is here to save the home owners !

Freddie Mac said it would provide backing for up to $20 billion in new mortgages to aid distressed subprime

borrowers. The offer was aimed at assisting borrowers who would normally qualify for fixed-rate loans, and

assures lenders that there will be financing available if they shift borrowers from high-risk subprime loans to

traditional mortgages. Washington Mutual Inc. said it will refinance up to $2 billion in subprime mortgages to

help borrowers avoid default and foreclosure. The program will allow subprime borrowers who remain current on

their existing loans and are bracing for payment increases to apply for discounted fixed-rate loans or other

refinancing options.