The rate freeze, generally for five years, would be limited to certain subprime borrowers with hardly any equity in their houses who can't refinance but who can afford their current payments. President Bush, who billed it as the industry's plan, said the major lenders that have signed on to the voluntary initiative also expect to help refinance subprime borrowers who are in better financial shape, either with FHA loans or other mortgages.

Bush said the two-pronged plan, which would use no taxpayer money, could help up to 1.2 million homeowners. But some economists believe the number is likely to be much lower. Moody's Economy.com puts it at 500,000 - half helped by the rate freeze and half by the refinancing.

Also in the story: Interesting new research by The Reinvestment Fund (on behalf of the Baltimore Homeownership Preservation Coalition) about the mortgage landscape in Maryland -- from the share of subprime loans in affluent Montgomery County to the fact that some pockets of the state are seeing very high delinquency rates.