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WASHINGTON (Thomson Financial) - President George W. Bush said today his administration's new mortgage relief plan should be able to help 300,000 homeowners take steps to stay in their homes over the next year.
Bush spoke in the White House just minutes before Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson were to unveil the details of the plan.
He said the essence of the plan would be to help move people to a more affordable private mortgage or Federal Housing Administration mortgage, and allow some to maintain introductory interest rates for five years.
Bush also reiterated that Congress needs to take several steps to help homeowners, including passing legislation to modernize FHA so it can back more mortgages, change the tax code so mortgage debt forgiveness is not treated as taxable income, strengthen the regulator of Fannie Mae and Freddie Mac.
He also said Congress needs to approve more federal money for mortgage counselling. "They need to get the funding to my desk," he said.
Bush also said the Federal Reserve would be announcing tighter lending standards later this month. The Fed promised to take this step earlier this year in testimony to Congress.
pete.kasperowicz@thomson.com
pik/wash/rw
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