Live Bloging President Bush On Foreclosures

PRESIDENT BUSH just delivered a speech on foreclosures.  “Hope Now” a voluntary program to reduce principle loan balances and payments on owner occupied homes in foreclosure has helped over 1 million homeowners, according to the President.

This is may be a historic first “infomercial” by a President who was promoting “Hope Now”.

All of this is actually good for the housing market, because it may reduce the number of REOs.  However, the stock market has gone south since the President’s speech.  What do I know.