New Idea

Homeowner Bailout Gains Momentum

It's been joked about, and now it could become a reality: Rep. Barney Frank (D-MA) has unveiled legislation to send $3 billion of the $700 billion financial bailout to homeowners in the form of emergency mortgage aid. Frank's amendment is attached to a wide-ranging financial overhaul that will meet a House vote on Friday. The amendment would redirect $3 billion from the Treasury to the Housing and Urban Development agency.