The Federal Deposit Insurance Corporation on Friday proposed the use of $24 billion in government funding in an effort to save up to 1.5 million American homeowners from foreclosure. Providing resistance to the idea that the money might come from the recently passed $700 billion rescue bill, the Treasury Department holds firm to the notion that taxpayers’ money should be utilized for investments which carry a possibility of returns. Supporters of the plan may have to wait until January to see action, as the FDIC is receiving little support from the current administration.
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