Bush in New Jersey to Highlight Foreclosures

By  | 

White House (AP) President Bush visits freehold township, New Jersey, today 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.

Still, critics call the private-sector measures insufficient in the face of an acknowledged mortgage crisis.