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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Mike Johnston who wrote (75984)	3/12/2008 8:52:29 AM
From: westpacific	of 116555

Nationalization of mortgages continues.... Rep. Frank seeks $10 billion to buy foreclosed properties By Ruth Mantell WASHINGTON (MarketWatch) -- A top House lawmaker will introduce legislation soon to address the jump in foreclosures. Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said Tuesday his bill would provide $10 billion to state and local governments to buy foreclosed properties to prevent neighborhood blight. The bill would also strongly urge lenders to recognize their losses from sour mortgages and would extend federal refinancing efforts. Frank's bill would compete with many other proposals being floated on Capitol Hill to address the housing meltdown.

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