WASHINGTON (Reuters) - The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.
"The federal government can send in an infusion of (money) to prevent foreclosure," said Charles Schumer (news, bio, voting record), a New York Democrat.
The cash infusion is needed right away and should go to both help fund community groups aiding troubled borrowers and to directly fund bailouts, Schumer said.
Schumer spoke as chairman of the Joint Economic Committee, a joint committee of Congress, and appeared with Democratic senators Robert Menendez (news, bio, voting record) of New Jersey and Sherrod Brown (news, bio, voting record) of Ohio.
He said he planned to introduce legislation soon.



Reply With Quote


Bookmarks