Frank: Mortgage Plan 'Buys Time'

Massachusetts Congressman Barney Frank says he welcomes the Bush administration's new plan to freeze mortgage rates for some struggling homeowners. But, he calls the plan a temporary solution that doesn't go far enough to help borrowers.

"It buys you time." Frank said. "And the question is, what can you do with the time?"

The Boston Globe reports Frank wants to offer homeowners help in refinancing.

The Congressman also wants the government to provide assistance to homeowners who have already fallen behind in their mortgages.

President Bush is scheduled to unveil the plan after a meeting with mortgage industry leaders at the White House today.