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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A consensus that the struggling U.S.  economy needs rescue emerged on Thursday as the powerful  Federal Reserve chairman backed the idea and President George  W. Bush urged a quick and temporary fiscal package.
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Stocks were poised to leap out of the gate on Friday as investors bet President Bush would unveil a plan to help subprime mortgage borrowers and loosen credit conditions that have dogged financial markets for six weeks.
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President Bush announced several steps to help Americans who have credit problems meet the rising cost of their housing loans.
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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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A consensus that the struggling U.S. economy needs rescue emerged on Thursday as the powerful Federal Reserve chairman backed the idea and President George W. Bush urged a quick and temporary fiscal package.
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The Bush administration today will propose a set of policies meant to help ease the wave of mortgage defaults, according to senior administration officials. It is the administration's first broad effort to deal with the rising number of home foreclosures, which are widely forecast to increase in the...
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Stocks surged on Friday after speeches by President Bush and Federal Reserve Chairman Ben Bernanke reassured investors that top officials are monitoring market turmoil and are ready to act as needed.
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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.
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Federal Reserve chief Ben S. Bernanke told lawmakers today it is "critically important" that any economic stimulus package take effect quickly if it is to help ward off recession, and the White House announced that President Bush would make a speech Friday laying out his criteria for such a program.
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President Bush enlisted two former presidents for an ambitious private fund-raising drive for victims of the deadly tsunami on Monday, asking Americans to open their wallets to help the millions left homeless, hungry and injured.
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President Bush will announce steps intended to help low-income families hit by the subprime mortgage crisis.
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Ben S. Bernanke said the Federal Reserve was âprepared to act as neededâ but suggested developing a wider range of mortgages for borrowers hit by the housing slump and credit crunch.
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A consensus that the struggling U.S. economy needs a rescue emerged on Thursday as the powerful Federal Reserve chairman backed the idea and President George W. Bush made clear he would offer a plan soon.
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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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President George W. Bush and Federal Reserve chairman Ben Bernanke on Thursday  threw their weight behind calls for a fiscal stimulus of up to $150bn as stocks fell to their lowest levels since October 2006.
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Regulators need not lift investment caps on Fannie Mae  and Freddie Mac  in order to rescue troubled subprime borrowers, but new loan products could help some avoid foreclosure, Federal Reserve Chairman Ben Bernanke said in a letter released on Wednesday.