April 20, 2007 / 5:00 PM / 10 years ago

Subprime woes likely contained: Treasury's Paulson

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<p>File photo of U.S. Treasury Secretary Henry Paulson addressing reporters at a news conference as part of the World Bank and International Monetary Fund spring meetings in Washington, April 13, 2007.Jonathan Ernst</p>

NEW YORK (Reuters) - U.S. Treasury Secretary Henry Paulson said on Friday the housing market correction appears to be at or near its bottom and that troubles in the subprime mortgage market will not likely spread throughout the economy.

"We've clearly had a big correction in the housing market. Retail housing was growing for some time at a level that was not sustainable," Paulson said in a speech to The Committee of 100, a business group in New York promoting better Chinese relations.

"I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained," he added.

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