No one knows for sure what this means but reports this morning are that the Bush administration agreed to the demands of the Democrats that the massive $700 billion bailout will include provisions to help homeowners prevent foreclosure (somehow…). Here is an excerpt from the AP article:
WASHINGTON – A key Democrat negotiating a $700 billion financial bailout says the Bush administration has agreed to include mortgage aid and strong congressional oversight in the plan.
Rep. Barney Frank, the Financial Services Committee chairman, says a great deal of progress has been made in talks between lawmakers and President Bush’s team on the rescue.
A government official with knowledge of the talks also said the administration has agreed to create a plan to help prevent foreclosures on mortgages it acquires as part of the bailout.