Paulson rules out bailout for mortgage crisis

WASHINGTON - The Bush administration reacted coolly Monday to a suggestion from former Federal Reserve Chairman Alan Greenspan that the government should consider bolder efforts to deal with the current mortgage crisis.

Asked about Greenspan's suggestion that perhaps public money should be used to help struggling homeowners, Treasury Secretary Henry Paulson said the administration remained opposed to any type of government bailout.

"I don't think what we need is a big government bailout right now," Paulson said in an interview on Fox Business News. "I think what we need is to help the markets work the way they're intended to work and avoid those foreclosures that are preventable."

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source: msn.com