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Frank Demands More ‘TARP Paper’ Shacks

From his fans at the Associated Press:

Key Democrat wants second $350B released earlier


WASHINGTON (AP) — A key House Democrat is pushing to get the second half of the $700 billion rescue fund released next month, before President-elect Barack Obama is inaugurated, in part to help stimulate the economy.

Barney Frank, chairman of the House Financial Services Committee, said Monday he is preparing legislation to require that some of the money be spent for specific purposes, such as stemming foreclosures and reducing mortgage rates

Frank’s bill would impose tighter restrictions on the second $350 billion of the bailout funds, such as requiring banks to report on their new lending every quarter and toughening limits on executive compensation. Many U.S. banks have received federal capital in an effort to stimulate lending.

"I don’t want to wait until Obama," the Massachusetts Democrat said in a phone interview. "I think we can do it now."

The bailout funds, along with a stimulus package the Obama administration is expected to push early next year, would have "the impact that you need to get this economy back out of the dumps," Frank said…

Lawmakers have criticized Treasury for not using any of the initial $350 billion to prevent additional home foreclosures. Up to 2.25 million Americans could lose their homes to foreclosure this year, Federal Reserve chairman Ben Bernanke has warned.

Frank said his legislation would include a version of a plan, supported by Federal Deposit Insurance Corp. Chairman Sheila Bair, to spend $24 billion to give lenders financial incentives to modify more loans and help more borrowers keep their homes. Bair has estimated it could prevent 1.5 million foreclosures…

Frank also wants to revamp the Hope for Homeowners program, which was launched Oct. 1. It was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. The early results have been disappointing, with only 312 applications so far, and officials are looking at ways to expand the program’s use.

Frank is "committed to fixing" low participation but blames the Bush administration for resisting the program when it was debated in Congress last summer and being slow to fix problems in its design, said his spokesman Steve Adamske…

He’s iwwewpwessible. — And obviously shameless.

In a better world Mr. Frank would already be in prison for what he has done to our financial markets.

By the way, as we have noted previously, Mr. Paulson’s Hope For Homeowners program failed miserably because applicants were offended to find that they were sometimes asked to pay back a little of their mortgages.

This article was posted by Steve on Tuesday, December 23rd, 2008. Comments are currently closed.

4 Responses to “Frank Demands More ‘TARP Paper’ Shacks”

  1. Liberals Demise says:

    What I have to say about the “Fwank”furter will get me booted off my favorite thread, but most of you are probly thinking the samey same!! I will do what Joe won’t….keep my mouth shut!

  2. proreason says:

    Obamy is a walk in the park compared to this obese, slobbering, dim-witted, arrogant, decadent pervert.

    How on earth can he be allowed to continue.

  3. U NO HOO says:

    “they were sometimes asked to pay back a little of their mortgages.”

    If “applicants were offended” then I’m really mad because I had to pay back all of my mortgage.

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