Frank Seeks At Least $50B In TARP Funds To Help Homeowners Facing Foreclosure

The Associated Press reports:

• [R]ep. Barney Frank, who heads the House Financial Services Committee, issued an outline of his proposal to attach strings to spending of the money by either the Bush administration or the incoming Obama government.

• The new conditions would include substantial efforts to reduce mortgage foreclosures,(1) limits on compensation for executives at companies receiving federal money and a better method for the government to track whether banks are using it to boost lending.

For more, see Key lawmaker sees action on bailout bill.

For Chairman Frank's outline, see Frank Releases Outline of Legislation to Amend TARP.

Thanks to Mike Dillon at GetDShirtz.com for the heads-up on the story.

(1) Reportedly, Chairman Frank seeks a mandate that at least $50 billion go to help struggling borrowers avoid foreclosure out of the second $350 billion in federal bailout funds.