The text of FOMC Chairman Ben Bernanke’s speech is now online.
U.S. President Bush is on deck to “announce at 11:10 a.m. in Washington that the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, will guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates, according to an administration official, who spoke on condition of anonymity.”