Democratic candidate Barack Obama's victory and Republican candidate John McCain's loss were delivered to them by the nation's largest foreclosure states, as shown in an analysis of states' electoral votes and foreclosure levels.
More than 50 percent of mortgage loans modified during the first and second quarters of 2008 have become delinquent in just six months, putting rescued borrowers back to foreclosures.
President-elect Barack Obama recently requested the release of the other half of the $350 billion TARP funds. He said that the funds will be utilized in resolving foreclosure issues.
FDIC Chairman Bair has been working with the Treasury Department and the White House Office of Management and Budget to launch a foreclosure rescue scheme that will help troubled homeowners in a realistic manner.
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.
The U.S. Senate approved the release of the second half of the Troubled Asset Relief Program to Barack Obama because of his promise to spend most of the money to mitigate foreclosure.
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