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Fannie Mae and Freddie Mac will be bringing out by late spring some new products to help those caught in the sub-prime trap.  The CEO of Fannie Mae, Daniel Rudd told the US congressional House Financial Services Committee, looking into the sub-prime crisis, help is on the way.

The programs will offer troubled borrowers a number of workable solutions, including longer amorization periods, lower interest rates, and a way to refinance out of the loan and the payment spikes that were causing problems for many borrowers.

Freddie Mac is due to have their products out by early summer.