This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6971746.stm
The article has changed 14 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Bush to announce sub-prime plan | Bush to announce sub-prime plan |
| (40 minutes later) | |
| US President George W. Bush is expected to set out plans later on Friday to help homeowners with sub-prime mortgages avoid defaulting. | US President George W. Bush is expected to set out plans later on Friday to help homeowners with sub-prime mortgages avoid defaulting. |
| Sub-prime mortgages are offered to people on low incomes or with poor credit ratings. | Sub-prime mortgages are offered to people on low incomes or with poor credit ratings. |
| Rising numbers of defaults on such loans have hit banks, which have bought debt that include these loans. | Rising numbers of defaults on such loans have hit banks, which have bought debt that include these loans. |
| President Bush is also expected to discuss ways to prevent such a crisis happening again in the future. | President Bush is also expected to discuss ways to prevent such a crisis happening again in the future. |
| He is likely to allow the government-backed mortgage insurer - the Federal Housing Administration - to guarantee loans for borrowers who are more than 90 days behind with their payments, according to the Wall Street Journal. | He is likely to allow the government-backed mortgage insurer - the Federal Housing Administration - to guarantee loans for borrowers who are more than 90 days behind with their payments, according to the Wall Street Journal. |
| He is also expected to highlight the need for strong enforcement of laws that prevent irresponsible lending. | He is also expected to highlight the need for strong enforcement of laws that prevent irresponsible lending. |
| Democrats claim the Bush administration has failed to make sure regulators oblige lenders to properly check whether borrowers will be able to repay their loans. |