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Wednesday, September 12, 2007

Paulson Asks Lenders to Help Homeowners

September 12 2007
U.S. Treasury Secretary Henry Paulson said on Wednesday a recovery in the subprime mortgage market will be slowed by a wave of interest rate resets and urged lenders to help troubled borrowers. Speaking to mortgage servicing executives at the Treasury, Paulson called on lenders to expand the range of mortgage products to refinance loans made unaffordable by resets. "Unlike periods of financial turbulence I've witnessed over many years, this turbulence wasn't precipitated by problems in the real economy. This came about as a result of some bad lending practices," Paulson said. He urged the mortgage executives, which included embattled Countrywide Financial Chairman Angelo Mozilo and top managers from Wells Fargo, CitiMortgage, HSBC and JP Morgan Chase, to identify and offer refinancing and other assistance to troubled borrowers facing big rate resets.


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