by Calculated Risk on 11/20/2007 09:02:00 PM

From the Sacramento Bee: California lenders agree to freeze rates (hat tip Sacramento Land(ing) blog)

... Gov. Arnold Schwarzenegger announced a deal Tuesday with four mortgage lenders to freeze adjustable interest rates for some of the state's highest-risk borrowers.

The state's agreement with Countrywide Financial Corp., GMAC Mortgage, Litton Loan Servicing and HomeEq Servicing covers more than 25 percent of California's subprime mortgage loans ...

The article does not mention the duration of the "freeze".

UPDATE: Here is the Press Release with a video.