2009-01-15 — bloomberg.com
Lawmakers in both parties want more of the funds to be used to help homeowners at risk of defaulting on their mortgages. The House will vote today on legislation that would require Obama’s Treasury Department to set up a foreclosure-relief program and require participating banks to report how they use the money.
That measure is sponsored by House Financial Services Chairman Barney Frank, who along with other lawmakers faults President George W. Bush’s administration for failing to set limits on banks including Citigroup Inc. and JPMorgan Chase & Co. that got cash from the initial $350 billion last year.
Frank has said Jan. 13 he doesn’t expect his proposal to pass the Senate.
Pretty distressing to see that homeowner help is basically completely off the table. Does Frank just think the Senate is malicious, or did he just construct a law he knew would not pass so he could say he "tried"?
This whole "second half request" process seems like a non-issue to us (which is what we expected in the first place). If you can say one thing about Congress, it is that it certainly doesn't betray expectations.
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