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President Bush warned Congress not to overreact to the housing-market crisis by propping up home prices or bailing out real-estate investors.

While Mr. Bush left the door open to further federal action, he made it clear Friday that he believes the measures his administration has put in place should be given time to stem a wave of home foreclosures and financial turmoil.

“I believe there ought to be action, but I’m deeply concerned about law and regulation that will make it harder for the markets to recover — and when they recover, make it harder for this economy to be robust,” Mr. Bush said in a speech Friday to the Economic Club of New York. “And so we got to be careful and mindful that any time the government intervenes in the market, it must do so with clear purpose and great care.”

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Tags: Bush, mortgage plans

This entry was posted on Monday, March 17th, 2008 at 1:33 am and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.