WashingtonWatch.com - H.R. 3068, The TARP for Main Street Act of 2009

Revision by webmaster (September 28, 2009, 01:00:00)

Mon, 28 Sep 2009 00:00:00 EDT

H.R. 3068 would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and neighborhoods.

Detailed Summary

TARP for Main Street Act of 2009 - Directs the Secretary of the Treasury to transfer specified funds, from dividends paid by financial institution recipients of financial assistance under the Temporary Asset Relief Program (TARP) of the Emergency Economic Stabilization Act of 2008 (EESA), to the Housing Trust Fund and to the Secretary of Housing and Urban Development (HUD).

Requires the use of such funds for assistance to: (1) states and local governmental units to redevelop abandoned and foreclosed homes; (2) the Emergency Homeowners' Relief Fund (which the Secretary shall establish under the Emergency Housing Act of 1975) for emergency mortgage assistance; and (3) the Multifamily Mortgage Resolution Program to stabilize multifamily properties that are in default or foreclosure, or have recently been foreclosed.

Amends the Emergency Housing Act of 1975 to: (1) increase the maximum aggregate amount of insured emergency mortgage loans and advances; and (2) extend through FY2011 the program for insured loans and emergency mortgage relief payments made under the Act.

Directs the HUD Secretary to develop a program to ensure the protection of current and future tenants of at-risk multifamily properties.

Amends EESA to reduce the TARP authorization limit in order to offset the costs of loans, advances, insurance, and appropriations authorized under this Act.

Status of the Legislation

Latest Major Action: 7/9/2009: House committee/subcommittee actions. Status: Committee Hearings Held.

Points in Favor

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Points Against

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Comment by Valboski (August 2, 2009, 01:00:00)

Sun, 02 Aug 2009 00:00:00 EDT

This has been addressed in the pay as you go theat just went to the Senate. Call your Senators and tell them that repayments need to pay down the debt not start new programs. Then call your representatives and tell them to vote no to HR 3068 or you will write letters to the editor of your loacal papers....

Revision by webmaster (July 10, 2009, 01:00:00)

Fri, 10 Jul 2009 00:00:00 EDT

H.R. 3068 would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and neighborhoods.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

Latest Major Action: 7/9/2009: House committee/subcommittee actions. Status: Committee Hearings Held.

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

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Status as of July 9, 2009

Thu, 09 Jul 2009 00:00:00 EDT

7/9/2009: House committee/subcommittee actions. Status: Committee Hearings Held.

Comment by R Voss (July 6, 2009, 01:00:00)

Mon, 06 Jul 2009 00:00:00 EDT

This is absolutely unacceptable. Rep. Frank should be ashamed of this legislation. It confirms for me that TARP has more to do with pork than an actual bailout. I encourage folks to call and write their legislators opposing this bill....

Comment by John Roussel (July 5, 2009, 01:00:00)

Sun, 05 Jul 2009 00:00:00 EDT

Just another way for the American taxpayer to get duped. As I tell my children all the time, everyone is always working an angle. 95% of the mortgages in this country are paid on time, so lets set up a program to help who, the 4% who are struggling. The Financial institutions have paid back around 75 billion, which is supposed to go back to the general fund to pay down the staggering national debt. Way to go Washington, putting special interest over real governing....

Comment by Antonio Fernandez (July 2, 2009, 01:00:00)

Thu, 02 Jul 2009 00:00:00 EDT

Oppose this Bill, it is contrary to the original intention of the TARP project. The interests received on the TARP should be used for reducing the cost of the program and not to finance pet projects of the legislators now. This is deceiving and undermining our trust in our elected officials....

Revision by webmaster (June 27, 2009, 01:00:00)

Sat, 27 Jun 2009 00:00:00 EDT

H.R. 3068 would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and neighborhoods.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

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Points in Favor

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Points Against

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Revision by webmaster (June 27, 2009, 01:00:00)

Sat, 27 Jun 2009 00:00:00 EDT

H.R. 3068 would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury for relief for homeowners and neighborhoods.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

Latest Major Action: 6/26/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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Status as of June 26, 2009

Fri, 26 Jun 2009 00:00:00 EDT

6/26/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.