04/17/2008 05:12 am ET Updated May 25, 2011

Bush Economic Plan Expected To Help 50,000 Home Borrowers

President Bush has approved a plan to expand a housing program to insure loans for creditworthy homeowners unable to meet mortgage payments and which is expected to help about 500,000 borrowers by the end of this year, the White House said Wednesday.

"The expansion will allow the program to insure loans for Americans who may have been late with a couple of their payments, and are facing interest rate resets, but who are otherwise reliably creditworthy," White House spokeswoman Dana Perino said.

FHA Secure has helped nearly 150,000 borrowers, and with the expansion being announced on Wednesday, the program was expected to help about 500,000 by year-end, she said.

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