O'Neill: No more mortgages without down payment - WKOW 27: Madison, WI Breaking News, Weather and Sports

O'Neill: No more mortgages without down payment


LEXINGTON, Ky. (AP) -- President Bush's first treasury secretary says Congress should scrap plans for a new economic stimulus package and instead require that no future home mortgage be awarded without a 20 percent down payment.

  Paul O'Neill made the comments Tuesday before speaking at a conference in Lexington.

  O'Neill said parts of the recently approved $700 billion bailout package seem to be helping to revive the economy.

  However, he says the government should have acted more quickly in response to the housing crisis.

  O'Neill says he opposes another stimulus package because lawmakers will have a "feeding frenzy" by trying to tack on their own pet projects.

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