Bush to make housing statement on Thursday

WASHINGTON (Reuters) - President George W. Bush will make a statement on housing at 1:40 p.m. EST on Thursday in Washington, the White House said.

Bush was expected to outline a plan to freeze mortgage rates for five years for many U.S. homeowners facing sharp increases in their monthly payments, industry sources said on Wednesday. The White House did not provide any more details about the statement, which will come after Bush participates in a private meeting on housing in the Oval Office.

(Reporting by Tabassum Zakaria)