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Paulson: Housing Decline Most Significant Risk to Economy

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By Robert Schroeder

RISMEDIA, Oct. 17, 2007-(MarketWatch)-The U.S. housing crunch appears likely to continue to impact the economy and capital markets “for some time yet,” Treasury Secretary Henry Paulson said Tuesday. Calling the housing decline “the most significant current risk to our economy,” Paulson outlined several steps to prop up the market going forward, including loan modifications and an overhaul of the mortgage regulatory system. Such an overhaul would include a one-page mortgage disclosure document to be signed by borrowers at a home closing, and uniform national standards for mortgage brokers. Paulson made the remarks in a speech prepared for delivery at Georgetown University.

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