○  bush:new steps to help homeowners  ○

will allow the fha to reach more families in need of our assistance, and i ask congress to act quickly.

at the same time we will launch a new fha initiative called fhasecure. this initiative will help some people who have good credit but have recently been missing their payments. fhasecure will help these families refinance their mortgages so they can make their payments and keep their homes.

there are other ways we can help. my administration will launch a new foreclosure avoidance initiative to help homeowners learn more about their refinancing options. i've directed secretary paulson and secretary jackson to look into innovative ways to bring together homeowners and counseling groups, financial professionals, and the fha and government-sponsored enterprises like fannie mae and freddie mac to help american families find the mortgage product that works best for them.

finally, the federal government is working to make the mortgage industry more transparent and more reliable and more fair, so we can reduce the likelihood that homeowners will face similar problems in the future. federal banking regulators are strengthening lending standards and making mortgages easier to understand. my administration is working on new rules to help our consumers compare and shop for loans that meet their budgets and needs. we are committed to pursuing fraud and wrongdoing in the mortgage industry.

homeownership has always been part of the american dream. during my administration we've achieved record homeownership rates. we'll continue to work hard to keep our housing market strong, to ensure that american families can afford the homes they buy, and to help bring the dignity and security that comes with homeownership to more of our citizens.

thank you for listening.

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