Amazing! I must begin to support Bush!
...Even though it's not very good for my builder stocks.
WASHINGTON - President Bush, acknowledging the economic "tough times" for many Americans, said Monday that he remains opposed to any homeowner rescue legislation that would be a bailout for lenders.
The president's comments came as Senate leaders are working on a bipartisan bill to help strapped borrowers get government-backed mortgages, paid for by tapping a fund designed to help poor families. Bush did not comment on that proposed legislation directly. He has threatened to veto a House version of the bill.
"Laws shouldn't bail out lenders," Bush said after getting an economic update from Treasury Secretary Henry Paulson. "Laws shouldn't help speculators. The government ought to be helping creditworthy people stay in their homes."
The president pushed Congress to pass legislation to more tightly regulate Fannie Mae and Freddie Mac, the government-sponsored companies that finance home loans.
"Our fellow citizens have got to know that these major players in the mortgage markets — if reformed properly by Congress — will really help stabilize the markets and make it easier for people to stay in their homes," Bush said.
The Bush administration on Monday also reiterated its stance that it remains too soon to consider a second economic stimulus boost for the nation. The first package produced tax rebates checks for millions of Americans. Bush said Paulson assured him that people are getting the money as promised"