WASHINGTON, Dec. 7 (UPI) -- A deal reached by major U.S. lenders to freeze rates on some subprime adjustable-rate mortgages is drawing criticism.

Matthew Brown, a management consultant, said the rate freeze seems like a reward for those who chose to gamble on the housing boom while leaving those who saved responsibly out in the cold, The Washington Post (NYSE:WPO) reported Friday.

"It seems almost like you are rewarded for being less responsible," he said. "There are a lot of downsides for people who didn't buy into a lot of the frenzy."

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, criticized the deal for a provision that would leave out many people with good credit scores because the high rating would be taken as an indication they do not need help, The New York Times (NYSE:NYT) reported.

"Talk about moral hazard," he said. "We've all told people, don't go any more deeply into debt. Now we're saying that people who go more deeply into debt will have an advantage over people who don't go more deeply into debt."

U.S. Secretary of the Treasury Hank Paulson, who brokered the agreement, said it would "minimize the impact of the housing downturn on homeowners, neighborhoods and the U.S. economy," the Financial Times reported. However, he said, "it is not a silver bullet."