Bush, Bernanke launch subprime assault
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NEW YORK/LONDON  - The Federal Reserve on Friday reassured investors it would take any steps needed to shelter the U.S. economy from a global credit squeeze, while President George W. Bush promised to help struggling homeowners refinance their mortgages.
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U.S. Federal Reserve Chairman Ben  Bernanke said on Thursday that subprime mortgage losses could  hit $100 billion and threaten consumer spending, but he sought  to reassure lawmakers that the central bank was working quickly  to strengthen lending regulations.
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President George W. Bush will  propose reforms on Friday intended to help homeowners with  subprime mortgages avoid default, his first public step to  address a crisis that has created turmoil in financial markets  around the world.
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Business & money: Fresh evidence emerges over the depth of America's sub-prime mortgage crisis.
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It started with subprime mortgages. Now owners of McMansions are defaulting, and the effects of the housing bust are beginning to ripple through the economy.
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WASHINGTON - President Bush acknowledged "some unsettling times" in the country's troubled housing and credit markets, while Federal Reserve chairman Ben Bernanke offered more assurances steps would be taken to curb the fallout.
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Over the weekend, the US Federal Reserve Chairman Alan Greenspan hinted at the maintenance of ``weakââ dollar policy (in Germany) while President Bush said he is committed to a ``strongââ dollar (in Chile).
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New tax relief and the ability to refinance adjustable rate mortgages could help many Americans who are in danger of losing their homes, President Bush said Saturday.
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U.S. President George W. Bush will propose reforms on Friday intended to help homeowners with subprime mortgages avoid default, his first public step to address a crisis that has created turmoil in financial markets around the world.
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President Bush was surprised by the criticism leveled against him by former Federal Reserve chairman Alan Greenspan in his new book, the White House said yesterday.
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Prospects for a huge downgrade of  subprime-related debt have boosted chances that the Federal  Reserve will need to prop up the U.S. economy with a rate cut  some time in the next year.
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Stocks surged on Friday after a speech by Fed Chairman Ben Bernanke spurred speculation for a benchmark interest rate cut next month and President Bush said he would help struggling subprime mortgage borrowers avoid foreclosure.
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Stocks headed for a higher open on Friday as investors drew support from news that President Bush would unveil a plan to help subprime mortgage borrowers and loosen credit conditions that have rattled financial markets for six weeks.
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Despite statements from Federal Reserve Chairman Ben Bernanke and President Bush, it was a withering week on Wall Street.
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New evidence of damage wrought by the U.S. mortgage sector surfaced in the United States and Europe on Wednesday while banks demanded a record amount of cash at a euro zone money market auction.
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President Bush will announce plans on Friday to help homeowners with sub-prime mortgages avoid defaulting.
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President Bush is putting together his first public call for an emergency fiscal stimulus bill while negotiations on Capitol Hill focus on rebates for taxpayers and other steps to jump-start the sagging economy