Bush promises help for homeowners, but not lenders

FHA will help delinquent subprime borrowers refinance

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The Bush administration today rolled out a plan officials said was geared at helping up to 700,000 homeowners avoid foreclosure in the next two years, but which is not intended as a bailout of mortgage lenders who are facing mounting losses on bad loans.

The plan gives the Federal Housing Administration the authority to insure loans for delinquent borrowers facing foreclosure. Administration officials said the new “FHASecure” program will allow FHA to guarantee an additional 60,000 refinance loans a year.