WASHINGTON -- President Bush said Thursday that concern should be shown to those who've lost their homes, but it's not the federal government's job to bail them out. Asked whether he would champion a government bailout, Bush responded: "If you mean direct grants to homeowners, the answer would be, 'No, I don't support that.' "
New-home foreclosures have climbed to record highs. Homeowners with poor credit have been hardest hit as higher interest rates and weak home prices have made it impossible or difficult for them to keep up with their home loans.
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