President Bush plans to announce steps to help families hit by the subprime mortgage crisis meet the rising costs of their housing loans. He says he'll ask the Federal Housing Administration to guarantee loans for delinquent borrowers.
He'll also ask lenders and insurers to develop more favorable loan products for the more than 2 million borrowers expected to default in coming years. These are the first visible steps the Bush administration has taken to help stem the fallout from the subprime crisis. Democrats have harshly criticized the lack of action.