The Bush Administration announced that President Bush will propose legislation and policy to address growing concerns about subprime mortgage lending. The proposal is expect this Friday.An administration official said President Bush's proposals will include an administrative change to allow the Federal Housing Administration to guarantee loans for delinquent borrowers. Bush may also ask Congress to temporarily suspend a tax provision that leaves some homeowners with huge tax bills.Read Full Story
President Bush has proposed reforms for the subprime mortgage industry. The meltdown in subprime mortgages is having a negative ripple down effect on several money markets and sectors of the economy.