Housing slam a root cause

15 Mar, 2008

President George W. Bush on Friday said the root cause of the US economic slowdown was a downturn in the housing market and said he strongly rejected some proposals to deal with the crisis. He said a proposal for state and local governments to buy abandoned and foreclosed homes would only help lenders instead of helping Americans stay in their homes.
He said allowing bankruptcy courts to change mortgage terms would send the wrong signal to financial markets.

Read Comments