News Journal

Congress to have a part of rescue package for homes

Congress will force Bush administration and President-elect Barack Obama to utilize the part of remaining U.S. bank-rescue package $350 billion, towards helping people to come out of the home loan pressures.

Lawmakers are discussing to release the funds in exchange of getting a cut in rates and relief for a portion of mortgage principal. Democrat Frank said he has been drafting legislation with the Senate Banking Committee Chairman Christopher Dodd.