Bush outlines efforts to prevent homeowners losing homes

US President George Bush today outlined ways to help US homeowners facing foreclosure – the administration’s first effort to deal with an expected wave of defaults fuelled by the mortgage crisis that has roiled financial markets around the world.

The initiatives, which are not aimed at bailing out lenders or speculators, are designed to help homeowners with risky mortgages keep their houses. In remarks at the White House, Bush also discussed efforts to prevent the problems from arising in the future.