As recently as a week ago, George W. Bush was touting the "liquidity" of the economy in the face of the ongoing subprime mortgage crisis in the United States. He suggested that all indicators point to the market correction being a "soft landing."
Today, Bush will make formal statements outlining a plan for relief on homeowners. Administration officials revealed that the steps Bush will propose include mandating that the Federal Housing Administration allow an additional 80,000 homeowners with less-than-perfect housing records to sign up for its mortgage insurance program. However, more steps will be introduced in his remarks.
In expectation of the proposals, the stock market opened strong this morning, with Asian markets going strong and the Yen lowering, and European stocks also rising.
Tags: foreclosure, mortgage, President Bush, subprime
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