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THURSDAY, NOVEMBER 26, 2009
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Paulson: Economy in Danger

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(Newser) – The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he said. “It will continue to adversely impact our economy, our capital markets, and many homeowners for some time.”

Paulson recommended changes in the way mortgages are regulated by states and the federal government, saying the  "patchwork structure should be streamlined and modernized." He called for "a uniform national licensing and monitoring system for mortgage brokers." He backed away from federal efforts to shore up credit markets to cushion investors, but added: "Still, we must recognize the very real harm to families affected by the housing downturn."  

Treasury Secretary Henry Paulson speaks at a news conference at the Treasury Department in Washington, Wednesday, Oct. 10, 2007, to announce the formation of
Treasury Secretary Henry Paulson speaks at a news conference at the Treasury Department in Washington, Wednesday, Oct. 10, 2007, to announce the formation of "HOPE NOW", an alliance of credit and homeowners'...   (Associated Press)
A single family home in foreclosure is offered for auction in Burbank, Calif. Thursday Oct. 11, 2007. Foreclosure filings across the U.S. nearly doubled last month compared with Sept. 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their...
A single family home in foreclosure is offered for auction in Burbank, Calif. Thursday Oct. 11, 2007. Foreclosure filings across the U.S. nearly doubled last month compared with Sept. 2006, as financially...   (Associated Press)
A realty sign stands in front of one of the many homes that are in foreclosure in the Villages of Queen Creek in this Sept. 26, 2007 file photo in Queen Creek, Ariz. Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped...
A realty sign stands in front of one of the many homes that are in foreclosure in the Villages of Queen Creek in this Sept. 26, 2007 file photo in Queen Creek, Ariz. Foreclosure filings across the U.S....   (Associated Press)
U.S. Treasury Secretary Henry M. Paulson, Jr. responds to a question during the National Park Foundation Leadership Summit on Partnership and Philanthropy Monday, Oct. 15, 2007, in Austin, Texas. (AP Photo/Harry Cabluck)
U.S. Treasury Secretary Henry M. Paulson, Jr. responds to a question during the National Park Foundation Leadership Summit on Partnership and Philanthropy Monday, Oct. 15, 2007, in Austin, Texas. (AP...   (Associated Press)
Treasury Secretary Henry Paulson answers questions at a news conference at the Treasury Department in Washington, Wednesday, Oct. 10, 2007, to announce the formation of
Treasury Secretary Henry Paulson answers questions at a news conference at the Treasury Department in Washington, Wednesday, Oct. 10, 2007, to announce the formation of "HOPE NOW", an alliance of credit...   (Associated Press)
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