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Sunday, January 6, 2008

Bush on housing: Congress should do more

January 6 2008
The president calls on lawmakers to act quickly on his proposals to ease the mortgage crisis, but not all of them have an equal chance of passage. Criticized for not doing enough to stave off foreclosures, the White House seems prepped to put on a full-court press in dealing with the housing crisis. President Bush last weekend said he will push Congress this year "to act quickly" on proposals he supports. Some of them are designed to have an immediate impact, such as efforts to make the refinancing of subprime loans easier and more affordable, and to make it easier for all homebuyers to get financing. Another proposal focuses on putting a stop to abusive lending. Efforts implemented so far include a Treasury-coordinated rate-freeze plan for some subprime borrowers, and tax relief on breaks that homeowners get from lenders in foreclosure.

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