Instead of a wholesale bailout of subprime borrowers that are getting into trouble with their mortgages as many are calling for, President Bush has outlined his plans to help borrowers that are caught in some of the toxic loans in the marketplace.
An aide to President Bush leaked his plans overnight before the formal announcement today.
- Urge Congress to pass Federal Housing Administration overhaul legislation that would give the FHA more flexibility in assisting mortgage holders with subprime mortgages.
- Pledge to work with Congress to reform the tax code to help troubled borrowers rework their loans.
- Call for rigorously enforcing predatory lending laws and strengthening lending practices. My Way News