    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [March 29, 2008]
    [Pages 440-441]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    March 29, 2008

        Good morning. It's not every day that Americans look forward to
    hearing from the Internal Revenue Service, but over the past few weeks,
    many Americans have received a letter from the IRS with some good news.
    The letters explain that millions of individuals and families will soon
    be receiving tax rebates, thanks to the economic growth package that
    Congress passed and I signed into law last month.
        Americans who are eligible for a rebate will get it automatically by
    simply filing their taxes. If you are not a tax filer, you should visit
    your local IRS office to fill out the necessary paperwork, so you can
    get your rebate on time.
        The growth package also contains incentives for businesses to invest
    in new equipment this year. On Wednesday, I visited a printing company
    in Virginia that has decided to use these incentives to purchase new
    software. As more businesses begin taking advantage of these incentives,
    investment will pick up and so will job creation. And together with the
    individual tax rebates, these incentives will help give our economy a
    shot in the arm.
        For many families, the greatest concern with the economy is the
    downturn in the housing market. My administration has taken action to
    help responsible homeowners keep their homes. In October, we helped
    bring together a private sector group called the HOPE NOW Alliance. HOPE
    NOW has helped streamline the process for refinancing and modifying
    mortgages, and it runs a national hotline to connect struggling
    homeowners with mortgage counselors.
        On Friday, I visited an impressive mortgage counseling center in New
    Jersey. At the center, I met with homeowners who have been able to get
    help, thanks to HOPE NOW. One of them is Danny Cerchiaro. Danny owns a home in New Jersey that also serves as a
    studio for his movie production company. When Danny and his wife learned
    that their adjustable-rate mortgage was resetting to a higher rate this
    past summer, they became concerned about their financial security. So
    Danny called HOPE NOW for help. Less than 2 months later, he was able to
    get a more affordable fixed-rate mortgage. And today, Danny calls the
    mortgage counselor who helped him, quote,
    ``the magic lady.''
        Theresa Torres from Kansas City is
    another homeowner who has been helped. Theresa called HOPE NOW after she
    and her husband fell behind on their mortgage payments in December. A
    mortgage counselor helped Theresa modify her mortgage. Today, she no
    longer worries about losing her home.
        There are hundreds of thousands of homeowners like Theresa and Danny who could
    benefit from calling HOPE NOW. If you're a homeowner struggling with
    your mortgage, please take the first step toward getting help by calling
    the hotline at 888-995-H-O-P-E. That's 888-995-H-O-P-E.
        HOPE NOW can help homeowners find the right solution for them. One
    solution for some homeowners is a new program we launched at the Federal
    Housing Administration called FHASecure. This program has given the FHA
    greater flexibility to offer struggling homeowners with otherwise good
    credit histories a chance to refinance. So far, this program has helped
    more than 130,000 families refinance their mortgages, and by the end of
    the year, we expect this program to have reached nearly 300,000
    homeowners in all.
        This is a good start, and my administration is committed to building
    on it. So we're exploring ways this program can help more qualified
    homebuyers. The problems in the housing market are complicated, and
    there is no easy solution. But by supporting

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    responsible homeowners with wise policies, we'll help them weather a
    difficult period, we will help get our economy back on track, and we
    will ensure America remains the most prosperous nation in the world.
        Thank you for listening.

    Note: The address was recorded at 7:05 a.m. on March 28 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on March 29. In the
    address, the President referred to Penny Meredith, mortgage counselor,
    Novadebt. The transcript was made available by the Office of the Press
    Secretary on March 28, but was embargoed for release until the
    broadcast. The Office of the Press Secretary also released a Spanish
    language transcript of this address.