$700B bank bailout to include help for homeowners

The Bush administration agreed to include mortgage help and industry oversight in its $700 billion Wall Street bailout Monday. Democrats like Congressman Steve Israel (D-Huntington) had been pushing

News 12 Staff

Sep 22, 2008, 10:46 PM

Updated 5,777 days ago

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The Bush administration agreed to include mortgage help and industry oversight in its $700 billion Wall Street bailout Monday.
Democrats like Congressman Steve Israel (D-Huntington) had been pushing for changes in the bailout proposal that would benefit taxpayers. Republicans too, came out on the side of helping taxpayers while also providing assistance for the banking industry.
?This plan constitutes the largest government bailout in history, yet it does nothing to protect the taxpayers,? Rep. Cliff Stearns (R-Florida) said before the changes were made.
Bush had insisted the plan to buy up bad mortgages would free up banks to do some lending again, thus helping taxpayers. The president, who needs Congress to sign off on the package as soon as possible, agreed to lawmakers? concessions.
The administration says it hopes to have Congress pass the plan by the end of the week.


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