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September 25th, 2008

UPDATE: Outline Plan Agreed Prior to Bush Meeting

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Republican and Democratic lawmakers have agreed to a move forward with the $700 billion assistance plan. Lawmakers will continue to draft a final version of their legislation before 3:55 p.m. when members of the House and Senate will meet with President Bush. Aspects of the final plan still remain undecided. One issue still under discussion is releasing the $700 billion in installments as needed:

“We are giving the secretary authority that he will need in order to act and the funding that he will need,” Mr. Dodd said after the meeting, referring to the Treasury secretary, Henry M. Paulson Jr. “We also have dealt, I think effectively, with the issue of effective oversight, with homeownership preservation as well as with executive compensation.”

“We now need to meet with the Treasury Department,” Mr. Dodd said, “and go over these principles which we have agreed on amongst ourselves and obviously go back to our respective caucuses and talk to them as well.”

“I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,” said Senator Bob Bennett (R-UT). Sen. Bennett’s comments accompanied Senator Chris Dodd’s — “We are very confident that we can act expeditiously.”

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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