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Bush Addresses Mortgage Mess

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Mar 26, 2008 8:32 pm US/Eastern

Bush Addresses Mortgage Mess

President Says Americans Can Get Through Tough Times With 'Some Information And Some Help'

 CBS News Interactive: Eye On The Economy

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FREEHOLD, N.J. (CBS) ― President Bush traveled to a credit counseling center Friday to promote a plan to assist homeowners caught up in the mortgage foreclosure crisis.

"There are some homeowners that have made responsible buying decisions, and they can keep their homes with just a little help," the president said. "Some information and some help."

Outside, demonstrators mocked his efforts and pushed for more aggressive federal intervention.

"It's not enough to provide counseling," Rep. Frank Pallone said. "President Bush has to step in and say, 'You shouldn't lose your home.'"

But President Bush had his fans there.

"I believe he's a good leader and believe in his instincts and I still have faith in him," Lisa Andrus said.

In Monmouth County, N.J., home foreclosures are occurring at the rate of 200 a month, CBS station WCBS-TV reported. It's difficult territory for President Bush. Residents fear the economy is getting shaky. Outside a supermarket, Richard and Marion Leveque were shopping carefully.

"Social security goes up 2 percent, gas goes up 30-40 percent, besides all the food," Richard Leveque said.

"We both used to go to our favorite diner, twice a week," Marion Leveque said. "We cut that out, which is fine. We don't need the extra weight."

President Bush is hoping people like the Leveques will keep the faith.

Democrats in Congress plan to push a measure next week to have the government back up some $400 billion in troubled loans. But the efforts have already drawn stiff opposition.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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