Paulson: Markets Need Time
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON – Secretary of the Treasury Paulson said today that the turbulence that has hit financial markets will take some time to be resolved, especially in the area of subprime mortgages.
Mr. Paulson, speaking to officials of some of the country’s biggest financial firms, said the Bush administration was looking for their help in making sure subprime homeowners get assistance in dealing with sharply rising mortgage payments as their initial low adjustable rate mortgages now reset to higher levels.
“We have been experiencing market turbulence and as I have said for awhile, it is going to take some time to work its way out,” Mr. Paulson told the finance officials at a meeting at the Treasury Department. “We are going to work our way through this, in some markets more quickly than others.”
