GOP trashes bill seeking $6.5 billion TARP for homeowners

Market Watch ^ | 7/9/09

[FromLori]

Republicans on Thursday lashed out in opposition to legislation that would require more than $6.5 billion of funds from the federal government's bank-bailout package to be used to help troubled homeowners and neighborhoods on Main Street.

House Financial Services Committee chief Barney Frank, D-Mass. "We need to restore fiscal discipline," said Rep. Spencer Bachus, R-Ala., the ranking member of the House Financial Services Committee, during a hearing of the panel. "Treasury needs flexibility and this won't give it to the agency."

The legislation, introduced by Rep. Barney Frank, D-Mass., would require that some remaining funds from the Troubled Asset Relief Program -- a key component of Washington's efforts to restore stability to the banking system -- be allocated to help expand housing opportunities and assist in mortgage modifications.

The legislation before the House is known as the "TARP for Main Street Act of 2009."

It seeks to spend $2 billion to prevent foreclosures for borrowers who don't qualify for other mortgage-assistance programs. It also would fund $2 billion to help allow tenants to stay in apartment buildings whose owners can't pay mortgages on the properties. It further allocates $1 billion to a national affordable housing trust fund that would build, rehabilitate and maintain affordable rental housing for low income households and $1.5 billion to restore abandoned homes. Read the legislation.

http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.3068:

[FromLori]

Related

Federal Government Was Culprit in Housing and Economic Crisis, Says Congressional Report
Wednesday, July 08, 2009
By Fred Lucas, Staff Writer

Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee. (AP Photo)
Washington (CNSNews.com) – Fannie Mae and Freddie Mac were the chief culprits in the housing crisis because they encouraged people who could not afford payments to borrow money, according to a congressional report released Tuesday.

http://www.cnsnews.com/public/content/article.aspx?RsrcID=50680

[Diana in Wisconsin]

I’ve said it before and I’ll say it again; burn this mother DOWN...and let’s start all over again. :)

[Diana in Wisconsin]

I’m only hanging around to see ‘Bawney’s Perp Walk’ and that of Hillary! and Slick.

I’m gonna live a very, very long time...

[EGPWS]

Barney “bundle of sticks” should be arrested ,tried for theft of tax payer money and jailed.

You got THAT right!

It's about time HE took it up the butt for a change!

Oh, wait a minute....

[wbones8765]

This guy is sooooo responsible for the economic crisis. He is head of the committee which had oversight. They collapsed, and he acts like Alfred E. Neuman from mad mag. What me worry? The people of MA need to vote this blow hard out of office!!!!

[vaudine]

"This guy is sooooo responsible for the economic crisis"

"This guy is sooooo wesponsible for the economic cwisis."

Fixed it.

vaudine

[WeatherGuy]

...to be used to help troubled homeowners and neighborhoods on Main Street.

Is this a news story or Democratic Party advertising copy?

[FromLori]

Pretty much all the mainstream news are communist now that is why I put in the related and even that story is biased but it at least laid some of the responsibility on the fannie/freddie disaster.