December 22, 2008

Foreclosure Relief: Not Until Obama Takes Over

Foreclosure Relief: Not Until Obama Takes Over

Any use of $700 billion in financial industry rescue money to aid homeowners will come after President George W. Bush leaves office next month. That word came recently from Rep. Barney Frank, D-Mass.

While the Federal Deposit Insurance Corp. has proposed to use $24 billion from the financial bailout to help borrowers, Frank declined to specify how much should be spent but said it won’t require new legislation.

Frank also threatened to tie up the remaining half of the $700 billion financial industry rescue money unless the Bush administration provides some of it for borrowers facing foreclosure.

Data released recently shows that more than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year already are in default again, raising questions about whether government money may be better spent on creating jobs, rather than averting foreclosures.

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