In this paper, we propose an iterative interstream interference cancellation technique for system with frequency selective multiple-input multiple-output (MIMO) channel. Our method is inspired by the fact that the cancellation of the interstream interference can be regarded as a reduction in the magnitude of the interfering channel. We show that, as iteration goes on, the channel experienced by the equalizer gets close to the single input multiple output (SIMO) channel and, therefore, the proposed SIMO-like equalizer achieves improved equalization performance in terms of normalized mean square error. From simulations on downlink communications of $2{ imes}2$ MIMO systems in high speed packet access universal mobile telecommunications system standard, we show that the proposed method provides substantial performance gain over the conventional receiver algorithms.