President Obama will unveil another component of his economic recovery plan in Mesa, Ariz., on Wednesday, targeting some $50 billion from the federal bank bailout program for subsidies to help troubled homeowners avoid defaulting on their mortgages.
Unlike the $787 billion stimulus package (HR 1) Obama signed on Tuesday in Denver, the housing initiative does not require Congress' blessing, because the administration already has the authority to tap into the remaining $350 billion in the Treasury Department's bank bailout fund (PL 110-343)....
So Mortgage Relief Is Bush's?
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