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The Bush administration has abandoned its doctrinaire insistence on market-led solutions to the unfolding mortgage crisis, and President George W. Bush has expressed support for recent Federal Reserve measures to stabilize capital markets.

Yet the administration’s appetite for intervention so far has been highly selective, and has failed to target many homeowners who face foreclosure. Upward of 1.5 million homeowners lost their homes to foreclosure last year, more than twice the “normal” historical average, and that figure may exceed 2 million homes in 2008. On March 14, Bush criticized more comprehensive efforts at mortgage relief, saying these would make it more difficult for the housing market to recover.

However, reports suggest that the Bear Stearns (nyse: BSC - news - people ) collapse may make the administration more receptive to more comprehensive plans–although official policy has yet to reflect such a shift:
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Tags: foreclosure, homeowners

This entry was posted on Wednesday, March 19th, 2008 at 4:51 pm and is filed under Foreclosure News, Education, and Updates, 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.