Radio Address by President Bush to The Nation

WASHINGTON, March 29 /PRNewswire-USNewswire/ -- The following is the radio
address by President Bush to the Nation:

THE PRESIDENT: Good morning. It's not every day that Americans look forward to
hearing from the Internal Revenue Service, but over the past few weeks many
Americans have received a letter from the IRS with some good news. The letters
explain that millions of individuals and families will soon be receiving tax
rebates, thanks to the economic growth package that Congress passed and I
signed into law last month.

Americans who are eligible for a rebate will get it automatically by simply
filing their taxes. If you are not a tax filer, you should visit your local
IRS office to fill out the necessary paperwork so you can get your rebate on
time.

The growth package also contains incentives for businesses to invest in new
equipment this year. On Wednesday I visited a printing company in Virginia
that has decided to use these incentives to purchase new software. As more
businesses begin taking advantage of these incentives, investment will pick up
and so will job creation. And together with the individual tax rebates, these
incentives will help give our economy a shot in the arm.

For many families, the greatest concern with the economy is the downturn in
the housing market. My Administration has taken action to help responsible
homeowners keep their homes. In October, we helped bring together a private
sector group called the HOPE NOW Alliance. HOPE NOW has helped streamline the
process for refinancing and modifying mortgages, and it runs a national
hotline to connect struggling homeowners with mortgage counselors.

On Friday, I visited an impressive mortgage counseling center in New Jersey.
At the center, I met with homeowners who have been able to get help, thanks to
HOPE NOW. One of them is Danny Cerchiaro. Danny owns a home in New Jersey that
also serves as a studio for his movie production company. When Danny and his
wife learned that their adjustable rate mortgage was resetting to a higher
rate this past summer, they became concerned about their financial security.
So Danny called HOPE NOW for help. Less than two months later, he was able to
get a more affordable fixed-rate mortgage. And today Danny calls the mortgage
counselor who helped him, "the magic lady."

Theresa Torres from Kansas City is another homeowner who has been helped.
Theresa called HOPE NOW after she and her husband fell behind on their
mortgage payments in December. A mortgage counselor helped Theresa modify her
mortgage. Today she no longer worries about losing her home.

There are hundreds of thousands of homeowners like Theresa and Danny who could
benefit from calling HOPE NOW. If you're a homeowner struggling with your
mortgage, please take the first step toward getting help by calling the
hotline at 888-995-H-O-P-E. That's 888-995-H-O-P-E.

HOPE NOW can help homeowners find the right solution for them. One solution
for some homeowners is a new program we launched at the Federal Housing
Administration called FHASecure. This program has given the FHA greater
flexibility to offer struggling homeowners with otherwise good credit
histories a chance to refinance. So far this program has helped more than
130,000 families refinance their mortgages. And by the end of the year we
expect this program to have reached nearly 300,000 homeowners in all.

This is a good start, and my Administration is committed to building on it. So
we're exploring ways this program can help more qualified homebuyers. The
problems in the housing market are complicated and there is no easy solution.
But by supporting responsible homeowners with wise policies, we'll help them
weather a difficult period, we will help get our economy back on track, and we
will ensure America remains the most prosperous Nation in the world.

Thank you for listening.
END

SOURCE White House Press Office

The White House Press Office, +1-202-456-2580