Tuesday, January 13, 2009

Obama and Democrats move on $350 bn bailout

President-elect Barack Obama and House of Representatives Financial Services Committee Chairman Barney Frank said Monday they have agreed on spending conditions for financial bailout plan.

Obama is trying to more quickly disburse TARP's second $350 billion fund.

In addition to the TARP, the Obama administration and Democrats are pushing other rescue plans including packages to help out homeowners. One effort will allow bankruptcy courts to ease terms on primary home mortages -- a move opposed by bankers.

They will also push an effort to encourage lenders to ease terms voluntarily on distressed borrowers by providing new legal protections and payments.




Reuters
Political risk high for Wall Street as TARP unfolds
Reuters - 45 minutes ago
By Kevin Drawbaugh - Analysis WASHINGTON (Reuters) - Congressional Democrats and the incoming Obama administration are uniting around strategies for saving the US financial system, but a fog of political risk still hangs over Wall Street and the banks.
Obama seeks access to half of bailout funds The Associated Press
Obama pressing Congress on remaining $350B bailout International Herald Tribune

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