Admitting that the fallout in the nation's financial markets from the collapse of the subprime mortgage market would take time to rebound, Treasury Secretary Henry Paulson asked executives of large financial companies to help the Bush Administration ensure that subprime owners receive assistance in helping deal with rising payments. Paulson alluded to the lower initial payments with adjustable rates that increase sharply after a period of time. According to estimates, the number of those affected with spiking rates is nearly 2 million. Paulson's plea was a follow-up to the Aug. 31 initiative announced by President Bush to assist homeowners struggling to make the mortgage payments and avoid foreclosure.
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