Finally a Great News to Us - Obama Would Spend Big to Cut Foreclosure
By Joshua Barré
(LA West Real Estate)
According to Associated Press, Obama would devote $40 billion to $100 billion from the financial sector bailout fund to help homeowners avoid defaulting on their mortgages and extend loans to small businesses, consumers, homeowners and local governments. The legislation now limits on what financial institutions can do with bailout money and restrictions on executive pay and sets aside money for foreclosure mitigation. Such a commitment is the most specific glimpse at what Obama would do with the remaining $350 billion of the Troubled Asset Relief Program. Congress built in a safeguard by requiring that after the first $350 billion was spent; Congress could reject spending the second half. Republicans generally opposed the $700 billion bailout program when Congress first voted for it in...
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