Key Senators Rule Out Subprime Bailout

The chairman of the Senate Banking Committee and the ranking Republican member on Wednesday ruled out any type of government bailout for delinquent subprime borrowers.At a news conference, Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., said, "This problem can be solved without using" taxpayer money. Sen. Richard Shelby, R-Ala., said "I'd be unalterably opposed" to a government bailout. At the news conference, Freddie Mac chairman Richard Syron unveiled that government-sponsored enterprise's plans to provide $20 billion worth of assistance to delinquent subprime borrowers.