House Approves TARP Reform; Senate Denies Block Attempt

Posted by Orb Staff on January 16, 2009 No Comments
Categories : Mortgage Servicing

Both chambers of Congress took steps yesterday toward deciding the fate of the second half of Troubled Asset Relief Program funds. The U.S. Senate voted 52-42 against blocking the release of the second half of Troubled Asset Relief Program funds, which was a disapproval measure introduced by Sen. David Vitter, R-La. Republicans in the House of Representatives have introduced similar disapproval legislation, and a vote is expected to be held as early as next week.

The House of Representatives voted 275-152 to approve H.R.384, the TARP Reform and Accountability Act, which was introduced last week by Rep. Barney Frank, D-Mass. A key amendment to the act – brought forth by Rep. Doris Matsui, D-Calif., and adopted by the House – will prohibit TARP recipients from initiating or continuing foreclosure proceedings until a foreclosure mitigation plan or systematic loan modification plan has been established.

SOURCE: U.S. Senate, House of Representatives

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