Paulson: Market Turbulence May Linger

Wednesday September 12, 2007 4:46 PM

By MARTIN CRUTSINGER

AP Economics Writer

WASHINGTON (AP) - Treasury Secretary Henry Paulson said Wednesday that the turbulence that has hit financial markets will take some time to be resolved, especially in the area of subprime mortgages.

Paulson, speaking to officials of some of the country's biggest financial firms, said the Bush administration was looking for their help in making sure subprime homeowners get assistance in dealing with sharply rising mortgage payments as their initial low adjustable rate mortgages now reset to higher levels.