Copyright ©2007 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

STEVE INSKEEP, host:

NPR business news starts with the president responding to the mortgage crisis.

We're told that President Bush will announce steps today to help families hit by the subprime mortgage problem. He says he will ask the Federal Housing Administration to guarantee loans for delinquent borrowers. The president will also announce that lenders and insurers will be asked to develop more favorable loan products for more than two million borrowers expected to default in the coming years - more than two million.

These are the first visible signs that the Bush administration is moving to stop the fallout from the subprime crisis. Democrats have criticized what they call a lack of action. The president's announcement is expected to affect the volatile stock market, but an administration official told reporters yesterday that's not the goal, and in any case the market is moving so dramatically it's hard to say what the effect will be.

Copyright © 2007 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.