VOA常速英语2007年-Bush Administration to Help Home Owners Avoid F

By Barry Wood
Washington
03 December 2007

The Bush administration has outlined measures intended to avoid a massive and potentially politically damaging wave of home foreclosures. VOA's Barry Wood has more from Washington.

Treasury¹ Secretary Henry Paulson says the Bush administration is pursuing a comprehensive plan to help homeowners who have adjustable² rate loans that are expected to see a big jump in interest rates.

Speaking to a housing conference in Washington, Paulson said the government has identified several categories of sub-prime mortgage borrowers, including those who took out special loans with low interest rates for the first years.

"The fourth category is those with steady incomes and relatively³ clean payment histories who could afford the lower introductory mortgage rate, but can not afford the higher adjusted rate. We are focusing on this group," he said.

Paulson said there will be no significant government bailout of either borrowers or lenders, but some reports say lenders may be asked to extend the low introductory rates for another year or so to help borrowers.

Economist⁴ David Hale says the housing foreclosure problem is most acute in cities like Detroit, New York, Miami, and Cleveland.

"We are talking about potentially, in the year ahead, two million people with mortgages being reset⁵ to higher interest rates, with the increased risk of default coming from that. It is not a huge part of the population. But it is a distinct number. You know, two million people at risk. And it is concentrated more in low-income neighborhoods than high-income neighborhoods because a sub-prime borrower is someone who has a modest income and might have had more job risk," he said.

Since a housing related credit squeeze hit U.S. financial markets in August it has become harder to obtain mortgage loans. Nationwide home prices have been declining after a five-year boom.

The inability of some borrowers to make their payments has led to a sharp rise in foreclosures and predictions of many more in 2008.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 adjustable   

adj.可调整的，可校准的

参考例句：

• More expensive cameras have adjustable focusing.比较贵的照相机有可调焦距。
• The chair has the virtue of being adjustable.这种椅子具有可调节的优点。

3 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 reset   

v.重新安排，复位；n.重新放置；重放之物

参考例句：

• As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。
• He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。