Barney Frank new TARP legislation…REAL Help for Homeowners-FINALLY!

View full presser on CSPAN here

From Bloomberg:

House Financial Services Committee Chairman Barney Frank today proposed legislation setting terms for releasing the remaining $350 billion of financial-rescue funds, seeking as much as $100 billion to stem foreclosures.

Frank’s measure, reflecting lawmakers’ criticism over how the first half of the $700 billion rescue fund was used by President George W. Bush, would require President-elect Barack Obama’s Treasury Department to develop a foreclosure-prevention plan by March 15 and put it in place by April 1.

From the legislation, H.R. 384, the highlights from the FT:

Among the proposals: tougher executive compensation restrictions on companies accepting Tarp funds and bans on corporate jets and other perks.

“[What] I’m going to tell the banks is, ‘look, you don’t like these [conditions] but would you rather have no $350bn?’ ” Mr Frank told reporters.

The bill would also widen access to the remaining $350bn of Tarp funds beyond the big Wall Street institutions that dominated the first tranche.

A “significant” share would be directed at homeowners facing foreclosure, while local governments, real estate companies and car dealers would also receive help.

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January 10, 2009. Tags: , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Hillary Clinton, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St.

2 Comments

  1. andeeroo replied:

    About time. Frank lowered the borrowing qualifications to zero for mortgages. His guilt got to him finally.

    But will they bailout plastic surgeons?

    Examine the wrinkles in the shrinking cosmetic surgery biz!

    Read – ECONOMY SAGS, BUSTLINES DROOP at:
    andeeroo.wordpress.com/

    Like

    • ginaswo replied:

      hey I thought about that, figured maybe it was a good time to get some ‘work’ done, lol!!!!!

      Like

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