Barney Frank: $50 Billion to Help People Pay Their Mortgages May Not Be Enough (Welcome to Socialist States of America)
(Via CNSNews.com) House Financial Services Chairman Barney Frank (D.-Mass.) said Sunday he does not think the $50 billion in tax dollars the Obama administration intends to use to help people pay their mortgages will be enough.
Treasury Secretary Timothy Geithner last Tuesday announced the general outline of President Obama’s plan to continue the government’s bailout of the financial industry, which was begun under President Bush when Congress approved $700 billion for the “Troubled Asset Relief Program.” The outline included using $50 billion in tax dollars to help people pay their mortgages.
A Treasury Department “Fact Sheet” outlining the proposal said the administration plans to: “Commit $50 billion to prevent avoidable foreclosures of owner-occupied middle class homes by helping to reduce monthly payments in line with prudent underwriting and long-term loan performance.”
President Obama is scheduled to reveal the details of this plan in a speech in Phoenix, Ariz., on Wednesday. But yesterday, appearing on CBS’s “Face the Nation,” Rep. Frank said he did not think $50 billion would be enough.
“[Y]ou’ve mentioned the $50 billion that Mr. Geithner is talking about for foreclosure relief,” host Bob Schieffer asked Frank. “… Is that going to be enough or will more money be needed to—“
Continue reading here
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment