President Bush said his administration’s new mortgage relief plan should be able to help 300,000
homeowners take steps to stay in their homes over the next year.
Bush spoke in the White House just minutes before Treasury Secretary Henry Paulson and Housing and Urban Development Secretary Alphonso Jackson began unveiling details of the plan.
The president said the essence of the plan would be to help move people to a more affordable private mortgage or Federal Housing Administration mortgage, and allow some to maintain introductory interest rates for five years.
