    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [May 19, 2008]
    [Pages 706-707]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following a Meeting With Secretary of the Treasury Henry M.
    Paulson, Jr.
    May 19, 2008

        Secretary Paulson, thanks for coming. And I just got back from the
    Middle East, and the Secretary came over to talk about the economy and
    how he sees it. And we're working through tough times, and I appreciate
    the leadership you're providing.
        He did assure me that the refund checks are heading out; people are
    getting that money. And that's good. It should help our economy and,
    more importantly, help people pay their bills. And we hope people use
    that money and take care of their families and shop.
        I also asked him how he was doing in helping people stay in their
    homes. We spent time talking about the housing industry. And one of the
    really impressive programs has been the HOPE NOW program. Secretary
    Paulson has taken the lead in--to help people refinance and help people

    [[Page 707]]

    get the financial help necessary to stay in homes. And that help comes
    in all different kinds of ways, but generally, it just means that the
    lending institutions are--help a creditworthy person stay in their home,
    and that's what we want to have happen.
        Since the program started, 1.4 million people got mortgage relief so
    they can stay in their homes. And in the first quarter of this year,
    500,000 households, 500,000 families were helped.
        And I appreciate your leadership on that, Hank. It's been--our
    policy in this administration is, we--laws shouldn't bail out lenders;
    laws shouldn't help speculators; the Government ought to be helping
    creditworthy people stay in their homes. And one way we can do that--and
    Congress is making progress on this--is the reform of Fannie Mae and
    Freddie Mac. That reform will come with a strong, independent regulator.
        The Secretary is briefing me on the progress being made on the Hill
    on this very important subject. Our fellow citizens have got to know
    that these major players in the mortgage markets, if reformed properly
    by Congress, will really help stabilize the markets and make it easier
    for people to stay in their homes.
        And we look forward to working with Congress to get a good piece of
    legislation to my desk that helps our fellow citizens and helps us get
    through this housing issue.
        So, Mr. Secretary, thank you for your briefing. I appreciate very
    much your leadership on the issue.

    Note: The President spoke at 11:15 a.m. in the Oval Office at the White
    House.