President Bush said Thursday concern should be shown those who've lost their homes but it's not the federal government's job to bail them out.
"Obviously anybody who loses their home is somebody with whom we must show an enormous empathy," Bush said. Asked whether he would champion a government bailout, Bush responded: "If you mean direct grants to homeowners, the answer would be `No, I don't support that.'"
New home foreclosures have climbed to record highs. Homeowners with poor credit have been hardest hit as higher interest rates and weak home prices have made it impossible or difficult for them to keep up with their home loans.