Bush proposes steps to deal with mortgage crisis
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President George W. Bush on Friday tried to calm financial market turmoil from the credit crisis by announcing proposals intended to prevent homeowners from defaulting on risky mortgages.
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President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.
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WASHINGTON -- The Bush administration is working to combat the country's severe housing crisis but there is no simple solution, Treasury Secretary Henry Paulson said Monday, adding that a correction in the housing market is "inevitable and necessary."
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Analysts said President Bushâs plan to aid troubled homeowners facing foreclosure fell short of the broad reforms needed to help people meet mortgage payments.
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US Treasury Secretary Henry Paulson stresses that mortgage lenders should shoulder the blame for the credit crisis.
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Bush administration remedies for the ailing housing market.
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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 will outline principles aimed at making an immediate impact on the lagging economy and sluggish consumer spending, the White House said Friday.
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Hillary Rodham Clinton said Thursday Congress should take action to revive the economy and contain a mortgage crisis that she called an epidemic.
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President George W. Bush on Thursday  said he would consider "all options" to help the U.S. economy  weather a deep housing slump but said the economy was  fundamentally strong.
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President Bush says Social Security's future financial shortfall is a crisis that Congress must tackle now, repeating Monday his demand for action but refusing to provide details of his top domestic priority that will cost trillions of dollars to implement.
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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
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Federal Reserve chairman Ben S. Bernanke is suggesting that policy makers look for ways to encourage a wider range of mortgages geared for low-income and other borrowers who have been hard hit by the housing slump and credit crunch.
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Markets will find a way to solve the subprime debt crisis, allowing most homeowners affected to stay in their homes, White House economic advisor Ed Lazear said in an interview with the Financial Times newspaper on Monday.
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President Bush said on Thursday he  would work to convince Congress of the need for spending cuts,  tax cuts and Social Security reform in a bid to reassure  financial markets he is determined to address huge fiscal  problems.
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President Bush attempted yesterday to calm Americans' anxiousness about the economy, even as he acknowledged that the nation's financial forecast is not entirely sunny because of the credit-market and mortgage crises.
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President Bush today unveiled a series of measures intended to help ease a wave of mortgage defaults, but he ruled out any federal bailout for lenders or for homeowners who bought properties they could not afford.