Here is the link for the rate cut. This one came in today.

http://money.cnn.com/2007/11/30/real_estate/ARM_rate_freeze/index.htm?postversion=2007113016

From the news I gathered the following:

1. Judging from other lenders’ plans, a reset freeze would be available only to those borrowers judged unable to make payments at the reset rates.

2. Borrowers for whom loans are unaffordable even at the initial rates would likely not qualify

3. And borrowers with enough income to pay the higher reset rates may also not qualify for a freeze. Many of these good payers, however, have the option of refinancing.