The Bush Administration is hoping that its proposed 4.5 percent rate 30-year home loan mortgage will help stop the surge of foreclosures in the country.
Incoming President Barack Obama will allocate up to $100 billion of the $350 billion Troubled Asset Relief Program financial bailout fund for foreclosure prevention.
Rep. Barney Frank is confident that TARP money will now go towards the foreclosure adjustment schemes as Congress has been advising. This was after the Treasury Department’s own measures garnered failing marks at a Congressional hearing last Monday.
Outgoing President George Bush may request Congress to release the second half of the $700 billion TARP fund which was approved in October 2008 to help solve the foreclosure crisis.
One per 10 homeowners in the U.S. has defaulted on his mortgage payment or in some form of foreclosure proceedings, according to the Mortgage Bankers Association (MBA).
While the country waits for the result of the bailout fund request which can help in foreclosure prevention, Obama convinces Congress that the funds would be utilized better than the previous administration.
President George W. Bush's Administration is intensifying efforts aimed at helping homeowners who are under threat of foreclosure, including a $50 billion bailout program.
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