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Bush to outline subprime mortgage initiative

Thu Aug 30, 2007 9:55pm EDT

WASHINGTON, Aug 30 (Reuters) - President George W. Bush will outline reforms on Friday intended to help homeowners with subprime mortgages avoid default, a senior U.S. administration official said on Thursday.

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"He will also discuss reform efforts to prevent these kinds of problems from arising in the future," the official told Reuters on condition of anonymity.

Financial markets have been in turmoil over the fallout from these credit problems for several weeks.

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