Barney Frank wants to use TARP income for housing

House Financial Services Committee Chairman and Banking Queen Barney Frank has a plan to funnel income from the government’s $700 billion bailout fund toward the housing sector, according to Nasdaq:

The powerful Massachusetts Democrat last week quietly introduced legislation that aims to use $1 billion in dividends paid by the recipients of government aid to provide rental housing opportunities for low-income and homeless families. The money would go into a national housing trust fund established last summer in connection with legislation that allowed for Fannie Mae (FNM) and Freddie Mac (FRE) to be placed under government conservatorship.

The fund currently is empty, however President Barack Obama’s fiscal year 2010 budget calls for it to receive $ 1 billion – a sum the Frank legislation would provide.

“This would be the seed money to get the trust fund up and running,” said Danna Fischer, legislative director for the National Low Income Housing Coalition.


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July 1, 2009 · Filed Under Barney Frank

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One Response to “Barney Frank wants to use TARP income for housing”

  1. George Dodson on October 28th, 2009 6:51 am

    Barney Frank is a freak! He drove our mortgage institutions into giving stupid mortgages. He has caused more bank failure than any previous congress! He is the idiot of Congress and has to be stopped now!

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