stricter regulation of mortgage lenders

March 16, 2008 at 11:00 pm | Posted in economy USA | Leave a comment
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WASHINGTON – The Bush administration will “do what it takes” to stabilize chaotic markets and minimize the economic damage, Treasury Secretary Henry Paulson said Sunday after a tumultuous week capped by the government rescue of a teetering investment bank. At the same time, however, Paulson sought to send a calming message that the administration is on top of the turbulent situation. “The government is prepared to do what it takes to maintain the stability of our financial system,” he said. “That’s our priority.”

Bush planned to meet on Monday with his advisory panel on financial markets, whose members include Paulson and Fed Chairman Ben Bernanke. The panel on Thursday recommended stricter regulation of mortgage lenders as part of a broad effort to prevent a repeat of a credit crisis threatening to drive the U.S. into the first recession since 2001.

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