Paulson: Americans need foreclosure help

Treasury chief tells CNN the percentage of Americans who can't afford their mortgages are one of the main sources of economic distress.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)

When do you plan to cash in your 401(k)?
  • Upon retirement
  • When extra funds are needed
  • Dont have a 401(k)
Mortgage Rates
30 yr fixed 3.80%
15 yr fixed 3.20%
5/1 ARM 3.84%
30 yr refi 3.82%
15 yr refi 3.20%

Find personalized rates:

Rates provided by

NEW YORK ( -- Secretary of the Treasury Henry Paulson said Friday the government needs to make a "big effort" to help Americans who can avoid foreclosure.

In an interview on CNN's "American Morning, Paulson said "92% of Americans are making mortgage payments on time," but the percentage who aren't are one of the main sources of current economic problems.

Paulson also said that stimulus rebate checks, due in May, are going to have a positive effect by creating 500,000 to 600,000 jobs this year.

"You need to file a tax return to get a rebate check," said Paulson. That's why the IRS is making a large push to get the 20 million Americans who don't normally file a tax return to do so this year, he said.

The Treasury Secretary rejected criticism that government money to help banks and financial institutions should instead go directly to help those with mortgage trouble.

Paulson said it was important for the government to support banks and financial institutions, since bank funding helps create jobs and provides consumers with home and student loans.

"Stable, orderly markets are very important," he added. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.