Washington seeks sweeping stabs at loan mess

WASHINGTON - Support is growing on several fronts in Washington for mortgage-industry reforms and homeowner-assistance programs with broader potential impact than the Bush administration's plan to freeze interest rates on a small percentage of home loans.

So far, the government has pursued modest responses to this year's surge in mortgage defaults and home foreclosures. But mounting foreclosures, fears of a recession and an upcoming election are prompting a range of more aggressive proposals from Congress, the Federal Reserve and consumer groups.

The Bush administration favors restraint, with President Bush saying Monday that the "the government should never bail out lenders." Still, the president noted that Treasury Secretary Henry Paulson is working with Rep. Barney Frank, D.-Mass., on a plan to allow Fannie Mae and Freddie Mac to finance larger loans, in conjunction with tighter regulation of the government sponsored companies.

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source: msn.com