WASHINGTON (CNN) -- President Bush expressed regret and resignation Wednesday about the fate of Paul Wolfowitz, and did not repeat his expression of support for embattled World Bank president remaining at his post.

"I believe all parties in this matter have acted in good faith," Bush said in a joint news conference with British Prime Minister Tony Blair as the bank's board was meeting to discuss Wolfowitz's fate.

"I regret that it has come to this. I admire Paul Wolfowitz, I admire his heart and I particularly admired his focus on helping the poor. There's a board meeting going on as we speak. All I can tell you is I know that Paul Wolfowitz has an interest in what's best for the bank."

Speaking from the White House Rose Garden, Bush applauded Wolfowitz for having made sure the bank "focused on things that matter -- human suffering, the human condition."

He added, "I respect him a lot and, as I say, I regret that it's come to this right now."

Wolfowitz has been accused of conflict of interest involving his handling of a pay package for bank employee Shaha Riza, his girlfriend. Wolfowitz has said he did nothing wrong.