Industry NewsMortgage

Treasury seeks to prevent foreclosures

Details revealed on how it plans to buy MBS, loans
Published on Oct 13, 2008

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by CareyBot

The Treasury Department "will look for every opportunity possible" to help troubled borrowers avoid foreclosure when it begins buying mortgages and mortgage-backed securities from banks and financial institutions under the Troubled Asset Relief Program.

Assistant Secretary for Financial Stability Neel Kashkari today revealed some of the particulars of how the $700 billion TARP program, passed by Congress and signed into law by President Bush Oct. 3, will be implemented.

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