WASHINGTON - NAFCU today again urged lawmakers to use some ofthe money set aside to help troubled financial institutions to buybad mortgages.
|"NAFCU strongly urges the 111th Congress and theincoming Obama Administration to uphold this mandate set forth inthe Emergency Economic Stabilization Act by allocating funding tothe purchase of mortgage-related troubled assets just as fundingbeing allocated to the CPP. Doing so would not only help creditunions, but also help bring TARP relief to Main Street and not justWall Street," NAFCU Senior Vice President, Government Affairs B.Dan Berger wrote members of the House Financial ServicesCommittee.
|The panel is scheduled to hold a hearing today on how TroubledAsset Relief Program funds have been used so far and whatrestrictions can be placed on additional funding.
|President Bush and President-elect Barack Obama have askedCongress to release the remaining $350 billion in funds but somelawmakers, including House Financial Services Committee ChairmanBarney Frank, want strict rules on how the funds are used,including to provide mortgage relief.
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