Home foreclosure relief Included in a bill to be introduced by Rep. Barney Frank set stricter standards for the Treasury Department’s Troubled Asset Relief Program (TARP)

The Bill Would:

* require quarterly disclosures by TARP recipients about their use of federal money.
* condition the release of the final $350 billion in TARP funding on the use of $50 billion for home foreclosure relief.
* require Treasury Dept to develop foreclosure relief plan by March 15 and begin funding foreclosure relief by April 1.
* require Treasury Department to give small U.S. banks more access to TARP money.
* impose same executive pay limits on all TARP fund recipients.
* make stricter executive pay limits retroactive for existing TARP recipients.
* provide legal safe harbor to U.S. mortgage services that are willing to modify loans.
* prohibit banks’ use of TARP funds to acquire other ‘healthy’ institutions.

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