Frank: Obama Would Spend Big To Cut Foreclosures

By: Associated Press
By: Associated Press

A top Democrat says President-elect Barack Obama's economic team supports spending between $40 billion and $100 billion from the remaining financial sector bailout specifically to reduce the number of foreclosures.

House Financial Services Committee Chairman Barney Frank said Obama's top economic adviser, Larry Summers, assured him that Obama would devote such money to help homeowners avoid defaulting on their mortgages.

Such a commitment is the most specific glimpse at what Obama would do with the remaining $350 billion of the Troubled Asset Relief Program. Obama has asked Congress to release those funds.

Frank has legislation before the House that would set conditions and new goals for the money, including money dedicated to foreclosure mitigation.

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