Bush To Announce Homeowner Initiatives

WHITE HOUSE (AP) - President Bush will float some ideas for
helping the hundreds of thousands of borrowers hard hit by the
housing slump and credit crunch that are rocking financial markets.

A senior administration official says Bush will talk about
several initiatives at a White House event Friday. Bush also will
discuss reforms, including stricter enforcement of predatory
lending laws and strengthening lending practices.

The official says Bush will direct Treasury Secretary Henry
Paulson and Housing Secretary Alphonso Jackson to work on the

Foreclosure and late payments have spiked, especially for
so-called subprime borrowers with blemished credit histories or low
incomes. That's expected to get worse. Some overstretched
homeowners can't afford to refinance or even sell.

Adjustable rate mortgages are expected to go up next year and
steep penalties for prepaying mortgages have added to some
homeowners' headaches.

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