Bush: No foreclosure bailout

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The president today met with reporters today to discuss the economy (‘thriving,’ by the way), and ‘said he would oppose any government efforts to ‘bail out’ people who were losing their homes or suffering businesses losses because of excessive lending in the mortgage or corporate takeover arena,’ The New York Times reports here.

Marketwatch: ‘President Bush said that Congress shouldn’t overreact to the turmoil in the mortgage sector. ‘I think the government tends to overreact at times with laws that are counter-productive,’ Bush said Wednesday in a television interview on Fox News. ... Bush said he opposed a proposal by Sen. Hillary Clinton of New York to create a $1 billion fund to help those at risk of foreclosure.’

Bush also said he believes the economy is heading for a ‘soft landing.’ Reuters: ‘Bush acknowledged the economy had encountered ‘an issue with housing’ as defaults on subprime mortgage loans to less creditworthy borrowers rose. But he said ‘a soft landing is kind of what it’s looking like so far.’

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