Archives: 2007 November

US Treasury Secretary Paulson recently expressed his concern about market conditions for the US housing market and made comments about the Hope Now Alliance. 

Henry M. Paulson, Jr. was sworn into office as the Secretary of the Treasury on July 10, 2006. As Treasury Secretary, Paulson is the President’s leading policy advisor on a broad range of domestic and international economic issues.

Secretary Paulson recently stated that the decline of the US housing market is the greatest risk facing the US economy today.  Since housing accounts for about 10% of all economic activity in it is hard to disagree with the Secretary’s assessment. Secretary  Paulson’s remarks follow: 

===================================

Secretary Paulson Remarks Following Hope Now Meeting:

Washington - Good afternoon. I’ve just met with the Hope Now alliance, to get an update on their efforts to reach struggling homeowners and avoid preventable foreclosures. Foreclosures are not only painful for homeowners, but are costly for servicers and investors, who in many cases are better off when they can modify or refinance a mortgage and keep the homeowner in his home. Early action by servicers and homeowners can preserve investor value and achieve sustainable results.

There are two parts to the effort to avoid foreclosures – first, making contact with a borrower who is in trouble, and second, determining if there is an affordable mortgage product for that borrower and taking action.