Washington. To cope with the subprime crisis, U.S. President George W. Bush yesterday announced a package of measures which, without going directly to public funds, are intended to protect small property. "It is not for the executive prepare bailouts for speculators - says Bush - But having a home property has always been a major part of the American dream." The centerpiece of the reform is to give more flexibility to the Federal Housing Administration (FHA), the federal bureau of housing, so that it can intervene on behalf of latecomers insolvent by at least 90 days. The beneficiaries will be mainly holders of variable rate mortgages who have seen rates rise exponentially, doubling or even sometimes from month to month. With the changes, others 80 000 borrowers may draw on Fha as guarantor for the refinancing of loans at more favorable rates, adding to the 160,000 already budgeted (the agency can not provide loans, but only guaranteed). The Bush plan also plans to identify and assist low-interest loans through who might not make it to meet deadlines.
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