CAPITOL HILL - Bush administration officials tell Congress they're aggressively dealing with a rising tide of mortgage foreclosures.Officials from Treasury and the Department of Housing and Urban Development are testifying at a hearing in the House today. They say the administration has a comprehensive plan and is working with an industry group formed to deal with the crisis. But, they say it's up to homeowners to do their part if they face the possibility of losing their homes.
Many Democrats have criticized the administration's efforts, arguing they are too dependent on the industry and don't offer enough government assistance. It's estimated there could be 2 million or more mortgage defaults over the next two years in the subprime mortgage market, as loans reset from low introductory rates to much higher ones.
