[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.