Economic and Mortgage
many foreclosures caused by the Mortgage
As the Unites States economy
seemed to grind to a halt with the growing credit crunch,
and more and more large banks and other financial
institutions collapsed, then-Treasury
Secretary Henry Paulson proposed a bailout plan which
would have the U.S. government purchase the bad
mortgage-backed securities from the private financial
sector, which in theory would allow the banks and other
mortgage-holders to regain financial health and to then
begin offering credit to businesses and individuals.
The U.S. House of Representatives failed to pass this
plan in a vote on Sept. 29, 2008.
loans can help you get the money you need, to get
your finances back on track.The benefit of
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On Oct. 3, 2008, the House approved a modified
plan, (Public Law 110-343) and the bill was signed
into law by President George W. Bush later that same day.
The Troubled Asset Relief Program (TARP) is the largest
component of the government's measures in 2008 to address
the subprime mortgage crisis.
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Since the change in Administrations, the economic
crisis has only worsened , to the point where the
resulting economic downturn is often referred to as "The
Great Recession." President Obama has dealt with a
variety of major corporate bankruptcies, such as General
Motors, and is using the TARP stimulus funds in an
attempt to re-invigorate the economy.
and Resources on the Mortgage Bailout
Staggers as U.S. Unleashes Cash Flood,
Deficit--Bloomberg, Dec. 15, 2008
Meltdown: News About Subprime Mortgage Litigation and
Legislation--Blog about TARP and the mortgage
Seizes Three Banks, Expanding Loan-Relief
Effort--Washington Post, Nov. 22, 2008
to Be Suspended Over Holidays--Washington Post, Nov.
Grill Kashkari on Changes in TARP Plan--Wall Street
Journal, Nov. 14, 2008
Signs Rescue Bill After House Vote--NYTimes, Oct. 3,
No Votes: Details on the Republican and Democratic
representatives who voted against the $700 billion
financial bailout plan.--NYTimes, Sept. 29, 2008
Bailout of United States Financial System - Wikipedia
Rejects Bailout Package, 228-205; Stocks Plunge -
SHEET - Proposed Treasury Authority to Purchase Troubled
Assets--September 20, 2008. hp-1150. FACT SHEET:
Proposed Treasury Authority to Purchase Troubled
Bill Fails in House Vote Amid Defections in Both Parties
Relents on Key Points - WSJ.com
NoBailout.org - No
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The Housing Bailout!--Stop the housing bailout and
Stop the mortgage bailout.
This Bailout Means to You--The Motley Fool