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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.Kashkari said a Treasury policy team -- one of seven created after the TARP legislation was passed -- is in the process of drawing up rules for the reverse auctions the government will use to buy mortgage-backed securities at competitive prices. Another Treasury team is working with bank regulators to identify which...