Treasury pressured to help homeowners

WSJ reports House Speaker Nancy Pelosi suggested that Congress will force the Treasury Department to do more to help struggling homeowners if the administration seeks access to the second half of its $700 billion financial rescue fund.

Ms. Pelosi's comments reflect frustrations of lawmakers from both parties who feel Treasury Secretary Henry Paulson has not spent the funds the way Congress intended. Specifically, they say the Troubled Asset Relief Program, or TARP, hasn't been used to directly aid homeowners having trouble paying their mortgages. "

As you will recall, there were no votes to pass this legislation on the Republican side, very few, and it wasn't until we intensified the provisions that related to keeping people in their homes that this legislation even passed," Ms. Pelosi told reporters. "But it's been totally ignored by this administration," she added. "Absolutely nothing has been done with respect to that part of the legislation."

Posted: 12/16/2008 8:53:24 AM by Global Administrator | with 0 comments

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Treasury pressured to help homeowners

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