NEW YORK, NY December 05, 2007 —The Associated Press is reporting that President Bush in the coming days will announce a banking industry deal to freeze interest rates for certain subprime mortgages. The news comes as Senator Clinton was in New York calling for similar measures to combat the credit crunch.

REPORTER: Speaking at the headquarters of Nasdaq in Times Square, the presidential hopeful asked banks to voluntarily put a 90-day moratorium on foreclosures and a 5-year freeze on adjustable interest rates.

CLINTON: Despite all the media coverage, despite all the hearings, despite the secretary of the treasury, despite all that has gone in the last 30-60 days, the mortgage industry has only modified about 1% of at-risk mortgages this year. That is simply not enough.”

REPORTER: Clinton acknowledged many homebuyers were at fault for taking on too much debt, but she said lenders and Wall Street investors were also to blame for making it too easy. Many in the audience at Nasdaq were supporters of Clinton's proposals -- and her campaign. But some said her solutions would not sit well with the bond market and would do nothing to address the deeper credit problem of the consumer economy.