Bush announces reforms to ease sub-prime crisis

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George W Bush has today announced a range of reforms to help ease the sub-prime mortgage crisis in an attempt to calm turbulent world markets.

President Bush has said he will ask Congress to support plans to allow the Federal Housing Association, the Government-backed mortgage insurer, to guarantee loans for those who are more than 90 days in arrears on their mortgage. In addition, Bush says he will ask Congress to change a key provision of the Federal Tax Code so it does not punish families who are forced to sell their homes for less than their mortgage is worth. The President also called for strong enforcement of laws aimed at preventing irresponsible lending, to ensure such a crisis did not happen again. He says he will pus...

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