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White House calls subprime rule talk premature
WASHINGTON (12/3/07)—The White House Friday said it was working closely with the private sector and the mortgage industry to find ways to help people keep their homes through the current upheavals in the mortgage and housing markets, but added it is too early to discuss possible initiatives to address the crisis. Reuters reported Friday that when White House spokesman Scott Stanzel was pressed by reporters on the subject, he answered that talk about any news steps would be “premature” at this time. The article noted that in August the Bush administration announced a series of initiatives geared toward helping homeowners avoid defaulting on “risky mortgages” and that economists are increasingly concerned about the impact of the subprime mortgage crisis on the broader U.S. economy. The White House acknowledged last week when it released the most current economic forecasts that the decline in housing had been "more pronounced" than expected. The forecast had cut projections for the U.S. gross domestic product growth for the coming year to 2.8% from the 3.1% estimated in June.


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