Showing posts with label Housing Rescue. Show all posts
Showing posts with label Housing Rescue. Show all posts

Thursday, October 23, 2008

Help for Homeowners

The Treasury Department, catching in breadth in the midst of the global economic downturn, is now apparently setting it's sights on a plan to help faltering homeowners directly:

A senior Treasury official says the department intends to get a program to help struggling homeowners revise mortgages up and running soon.

Neel Kashkari, who is heading the government's $700 billion financial rescue effort, told Congress the Treasury is working hard on the plan. It could include setting standards for changing mortgages to make them more affordable and giving loan guarantees to banks that meet them.

Kashkari told a Senate hearing that ''we are passionate about doing everything we can to avoid preventable foreclosures.''

And that's it for details. More to come soon, I'm sure.

Sunday, July 27, 2008

Capitol Hill Update XI

Both the House and the Senate approved an expanded global AIDS program and a massive housing market rescue bill. President Bush will sign both.

The House passed a $1 billion bill on Thursday mandating inspections and repairs of federal bridges but failed to pass legislation intended to cool off gasoline prices by requiring the government to sell 70 million barrels of light sweet crude oil from the Strategic Petroleum Reserve. Meanwhile, Senate Republicans block a bill that would nearly double federal aid to help the poor pay heating and air-conditioning bills and one to reign in excessive energy speculation.