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Bloomberg) -- President George W. Bush will today announce steps the administration says will help people with subprime mortgages keep their homes. Bush will let the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates, according to an administration official.
The change would affect borrowers who are at least 90 days behind in payments and let them stay in their homes, the official said on condition of anonymity. Bush, in a statement in the White House Rose Garden, also will back proposals to provide tax relief for homeowners who refinance.

Russell Comment -- At last, help has arrived. I knew it would. I don't know how much good the Bush plan will do, but I do know that it will cost money, But hey, where's the money coming from? They'll print it dummy, they'll print it. And did you happen to notice gold today?

Aus Richard Russels Tageskommentar vom 31.8.2007 Z. New York - Schluss.