Media Center

Today, Representative Scott voted in support of H.R. 384 – TARP (Troubled Assets Relief Program) Reform and Accountability Act of 2009. This new TARP bill amends the TARP provisions of the Emergency Economic Stimulus Stabilization Act of 2008 (EESA) to strengthen accountability and oversight, close loopholes, increase transparency, and require the Treasury to take significant steps on foreclosure mitigation. The foreclosure mitigation plan calls for spending $100 billion (with a minimum of $40 billion) of TARP funds to help homeowners. Additionally, the program will guarantee qualifying loan modification programs, decrease the costs of H4H (Hope for Homeowners) loans and provide servicer incentives and assistance.

“As we look forward for solutions to the current economic crisis it is critical that we move aggressively with a strategy to restructure troubled mortgages and keep families in their homes,” said Rep. Scott. “This legislation takes significant steps to require the Treasury to take action against foreclosures and provides needed assistance to servicers who are working with families to modify existing loans. I am committed to the homeowners of this country and will continue to work tirelessly to keep hard working families in their homes.”