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Details of the plan announced Thursday by the Bush administration for a five-year freeze on mortgage rates for borrowers facing the threat of default on subprime mortgages.

• Who qualifies: People with subprime mortgages who live in the residence covered by the mortgage. That feature is designed to exclude investors who bought properties and hoped to benefit from the surge in home prices. The borrowers must be current with payments on the mortgages at the lower rates.

• What time frame: The loans had to be taken out between Jan. 1, 2005, and July 31, 2007, and have interest rates that will reset between Jan. 1, 2008, and July 31, 2010.

• What happens: The subprime mortgages, many taken out with rates of 7 percent to 8 percent, are scheduled to reset at much higher rates of up to 11 percent. That increase could add $350 to the typical monthly payment of $1,200. Under the freeze, the rates will remain at the lower introductory rate for five years.

• Economic impact: The administration hopes the plan will buy time for homeowners about to be forced out of their homes. As the housing market stabilizes and sales and prices rebound, homeowners with the frozen mortgage rates will have time to refinance into more affordable fixed-rate loans.

If you feel you fall under these basic guidelines call the hotline

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