Senior Treasury official Neel Kashkari, who is heading up the $700 billion financial rescue effort, told Congress Thursday that the Treasury is working hard to get the plan up and running.
Kashkari said the plan would include setting standards for changing mortgages to make them more affordable and giving loan guarantees to banks that need them.Kashkari told the Senate Banking Committee that "we are passionate about doing everything we can to avoid preventable foreclosures."
Kashkari has been openly supportive of the position taken by Sheila Bair, chairman of the Federal Deposit Insurance Corp., who has pushed for a program that forces banks and loan services to modify troubled borrowers’ loans.
Source: The Associated Press, Marcy Gordon (10/23/08)
This article is from Realtor Magazine Online Edition Dail Real Estate News for 10/24/08
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