The Obama administration is still cooking up its mortgage relief plan and a whole lot of people are on pins and needles waiting to see what is unveiled in the next week or two. Here are some excerpts from a recent CNNmoney.com recent article on the subject:
U.S. Treasury Secretary Timothy Geithner Thursday plans to meet with President Barack Obama’s economic team and other officials on efforts to stem foreclosures and thaw credit markets.
A notice the Treasury Department released Thursday morning said Geithner Thursday morning will attend a White House meeting with the economic team to discuss efforts to keep Americans in their homes.
The meeting comes as a growing number of federal officials are urging banks to hold off on foreclosures until the new administration announces its multi- billion-dollar plan to ease the pain in the housing markets. On Wednesday, bank executives with Citigroup (C) and Bank of America (BAC) suggested they would be willing to halt foreclosures over the next few weeks as the Obama administration hashes out a plan. …
Additionally, Geithner will attend a meeting with Senate Finance Committee Chairman Max Baucus, D-Mont., Office of Management and Budget Director Peter Orszag and National Economic Council Director Larry Summers to discuss the new financial rescue plan Geithner unveiled earlier this week. The plan could send $ 2 trillion into the U.S. financial system and includes efforts to remove soured mortgage-related assets from banks’ balance sheets and new plans to “stress test” banks aiming to receive new capital infusions from the government.
See here for more on the banking rescue plan unveiled on Tuesday.