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White House brings financial literacy pitch to Oakland

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OAKLAND, Calif. -- Bush administration officials visited a hotbed of foreclosure activity Thursday to make a case that one solution to the problems plaguing mortgage lending and housing markets is better education of borrowers. Given that Oakland, Calif., has one of the highest foreclosure rates in the nation, you might think Treasury Secretary Henry Paulson and Treasurer Anna Escobedo Cabral would get a chilly reception trying to pitch financial literacy as a solution for the city's woes. While some said the government must do more to prevent foreclosures, the Treasury Department officials got a friendly reception from a banking industry crowd as they took to the stage for a "Financial Literacy Town Hall Meeting" in Oakland's working-class Fruitvale District. Paulson and Cabral were joined on a temporary stage erected for the benefit of nearly a dozen TV cameras by John Hope Bryant, the vice chairman of President Bush's newly created Advisory Council on Financ...