President Bush Announces Plan To Help Families Keep Homes

The White House reports:

• "Today, President Bush Announced Steps At The Federal Level To Help Homeowners In Need Of Assistance Avoid Foreclosure. These steps will help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. The fundamentals of America's economy are strong – economic growth is healthy, wages are rising, and unemployment is low. The markets are in a period of transition as participants are re-assessing and re-pricing risk. One area that has shown particular strain is the mortgage market, particularly the subprime sector."

For more, see Fact Sheet: New Steps to Help Homeowners Avoid Foreclosure (President Bush Announces Steps To Help American Families Keep Their Homes And Reform The Mortgage Finance System) (Office of the Press Secretary - 8-31-07).

For transcript of President Bush's announcement, see President Bush Discusses Homeownership Financing.