Paulson Against Using Taxpayer Cash for Mortgage Bailouts

Washington, D.C.–U.S. Treasury Secretary Henry Paulson shot down many of the recent ideas about using taxpayer money to refinance mortgages and reduce loan amounts Wednesday in a speech to the U.S. Chamber of Commerce.Paulson also said Congress should finish two measures awaiting final action that would update the Federal Housing Authority and revamp Fannie Mae’s federal oversight, MarketWatch reported Wednesday.The Bush administration doesn’t want to support a measure that would halt the housing market price correction, Paulson said, stressing that he felt homeowners with negative equity didn’t need a “system-wide” solution.Paulson also said that the Fed needed more regulation for brokerage firms.