Bush to outline proposals to help homeowners with risky mortgages

by liamssoft | August 31, 2007 at 08:28 am

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There are many ways George Bush can help. Call off the banks, the Revenue services and introduce lower extended term repayments. Its good to help people in a crisis, and bad publicity to ignore them!

Offering federal aid for strapped mortgage holders, U.S. President Bush is proposing to help hundreds of thousands of borrowers hard hit by the housing slump.

The president on Friday was to talk about several initiatives and reforms to help homeowners with risky mortgages keep their homes, a senior administration official said Thursday. Bush also was to discuss efforts to prevent these kinds of problems from arising in the future.

The official said Bush will direct Treasury Secretary Henry M. Paulson, Jr. and Housing Secretary Alphonso Jackson to work on an initiative to help troubled mortgage holders get services and products they need to keep from defaulting on their loans. The official spoke on condition of anonymity to discuss details of the initiatives ahead of the presidential event.