December 03, 2007

Paulson: Details On Mortgage Fix 'Soon'

In a speech at the Office of Thrift Supervision National Housing Forum today, Treasury Secretary Henry Paulson confirmed that he was close to finalizing a deal with lenders to put the brakes on home foreclosures across the country.

"We are working aggressively and quickly, utilizing available tools and creating new ones, to help financially responsible but struggling homeowners," Paulson said.

The secretary also called on Congress to act before heading back home for the holidays in two weeks.

"The administration requested funding for NeighborWorks America and other non-profit mortgage counseling operations in its budget. But the appropriations bill has yet to be finalized; Congress needs to get it done quickly," Paulson said.

As part of an "industry-wide approach," Paulson said the Bush administration was working with mortgage lenders to identify the most at-risk borrowers and develop solutions to help them avoid default. "This work takes time," Paulson said, adding, "I am confident they will finalize these standards soon."

AP and Bloomberg News have more on Paulson's remarks.

Posted at 12:26 PM
Posted to: Bush Administration, Economy
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