Obama's Foreclosure Plan

As if we all didn’t already know this, Herbert Allison, who has been selected by President Obama to oversee the $700 billion bank bailout program, said the economic foreclosure bailout plan needs time to work!

Allison, best known for once leading the ill-fated Fannie Mae… wait… aren’t they part of this problem to begin with? I’m no rocket scientist, but in the corporate world I came from, when you are part of a failure, you don’t get appointed to special projects! You usually get a nice severance package and are asked to quietly go away! I guess our Gov’t does things differently.

Tell Us Something We Don’t Know

“I believe this is still a very serious economic time for this country, and much more has to be done to restore stability,” Allison told the Senate Banking Committee.

“We have to see this program through and make sure it’s well-administered all along the way,” he later added.

Allison added that if he is confirmed to as Assistant Secretary for financial stability at the Treasury Department, (That’s one heck of a long title) he would work to increase transparency of the TARP and Bailout programs and share more details with Congress. He also vowed to do more to widen participation of the government’s anti-foreclosures effort.

Read the full story at: http://www.seattlepi.com/business/1310ap_us_bank_bailout.html