It’s all another scam to make people feel good, while doing nothing at all.
The plan is primarily aimed at borrowers who can afford their existing rates and who are current on their payments, but who would face default when the rate resets at a higher level.
In other words people have to proactive AND responsible. Come on, we’re talking about people who bought $500,000 homes with a $50,000 income and “didn’t know” their payment would go up.
I also heard today that “legislative action” would be taken against lenders who refuse to freeze rates. Oh no! a congressional demarit.