Freddie Mac has asked the U.S. Treasury for an additional funding of $30.8 billion to enable it to continue carrying out its mission of helping avert further foreclosures. In the fourth quarter of 2008, Freddie lost $7.37 per share, totaling $23.9 billion.
House legislators Pelosi and Frank are working together to introduce legislation that would compel the Treasury Department to fund foreclosure prevention initiatives.
The Project Lifeline, an outreach service aimed at helping distressed homeowners avoid bank and government foreclosures, is a collaboration between mortgage lenders and the federal government.
A group of community organizers and religious leaders from Massachusetts are set to meet in Washington with federal officials to urge them to stop foreclosures across the country.
Democratic Members from Congress are urging administration officials to utilize part of the $700 billion federal bailout money for foreclosures mitigation.
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).
Obama faces his first big test in the Senate as Democratic and Republican senators debate whether to release the second $350 billion of TARP for his own foreclosure prevention program.
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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