Mar 28, 2008 3:57 am US/Central
Bush To Visit N.J. To Highlight Foreclosure Mess
FREEHOLD, N.J. (CBS/AP) ―
President Bush visits Freehold Township, New Jersey, Friday to spotlight efforts to save struggling homeowners from foreclosure.
The president plans to stop by a mortgage counseling company that's part of the "Hope Now" alliance. Hope Now is an industry group organized by the Bush administration to coordinate a response to the mortgage crisis.
With upwards of two million Americans in some kind of mortgage trouble, the alliance faces a huge job.
But Bush is stressing the up side: despite the subprime mess, most Americans are making their payments. And more households are working out problems than are entering foreclosure.
Earlier this week, Bush asked Americans to have faith in the recently passed economic stimulus package.
"In the second week of May, a lot of folks are going to be getting a sizable check," Bush said. "And I'm looking forward to that day, and I know they are, as well."
Still, critics call the private-sector measures insufficient in the face of an acknowledged mortgage crisis.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
