Friday, August 31, 2007

Bush Moves to Aid Homeowners

WASHINGTON -- President Bush, looking for ways to respond to the subprime-mortgage crisis, will outline a series of policy changes and recommendations today to help borrowers avoid default, senior administration officials said.
-- Wall Street Journal

Oh, this ought to be good. Bush can 'help out' in the same way he has helped in NOLA. God help us all.

In another move, Mr. Paulson and HUD Secretary Alphonso Jackson have instructed their staffs to begin working with mortgage lenders and others to identify borrowers who are in danger of defaulting. They also are trying to work with private lenders and mortgage giants Fannie Mae and Freddie Mac to develop loans for borrowers who will likely face default if they can't get more flexible terms.

This mortgage thing must be really bad, if Bush is having to do something, and in August...