‹ chat statusPaulson: Foreclosures Inevitable money.cnn.com — Faced with record-high foreclosure rates, the Bush administration has
been scrambling to keep people from losing their homes, but many are beyond
help, Treasury Secretary Henry Paulson said. Lax lending standards that
accompanied the once high-flying housing market allowed people to buy homes
they could not afford, Paulson said. In remarks to a mortgage-lending forum,
Paulson said, "There is little public policymakers can, or should, do to
compensate for untenable financial decisions."
posted on July 11, 2008 9:38 AM ()
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