President George W. Bush announced a plan Thursday to freeze interest rates on some mortgages in an attempt to repair the housing market?s slump.

With foreclosures at an all-time high in the third quarter of 2007, the president detailed a joint plan with the mortgage industry to help those whose adjustable mortgage rates are too high. Bush said 1.2 million people could be eligible for government help, but only some will have their rates frozen for 5 years. Options for those who do not qualify for the freeze include refinancing and moving into loans secured by the government, Bush said.

?There is no perfect solution,? Bush said. ?The homeowners deserve our help. The steps I've outlined today are a sensible response to a serious challenge.?

Peter Elkowitz of the Long Island Housing Partnership said mortgage rate freezes will help a lot of families on Long Island. However, he points out the plan is limited and excludes anyone whose mortgage rates have already been adjusted up.

For those already in trouble, Elkowitz recommends trying to get into a different mortgage product that they can afford.

The president said homeowners who want help or believe they are eligible for assistance must call 1-888-995-HOPE for information.

To watch President Bush?s full announcement, go to channel 612 on your iO digital cable box and select iO Extra.

AP wire reports contributed to this article.

Related Information:Long Island Housing PartnershipMultiple Listing Service of Long IslandLong Island Volunteer CenterSuffolk CountyLong Island Housing ServicesVolunteer MatchHopeNow.com