Emergency Economic Stabilization Act of 2008

Elizabeth Warren, Chair of the Congressional Oversight Panel (COP), introduces the Panel's second oversight report. She also highlights the latest version of the COP website: COP.Senate.gov

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S.J.RES. 5
A Joint Resolution Relating to the Disapproval of Obligations under the Emergency Economic Stabilization Act of 2008

Senate: Yea-42, Nay-52
The Legislation:
The Joint Resolution of Disapproval prevents the release of $350 billion to the Treasury Department, as authorized by the Emergency Economic Stabilization Act (EESA). Under EESA, the Treasury Secretary would automatically be granted access to the second half of the $700 billion unless Congress specifically acted to refuse the request.
By failing to pass the Joint Resolution of Disapproval, the Senate effectively releases the second $350 billion of funds.

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Amount allocated by the Treasury Department under the initial TARP tranche: $354 billion
Percentage of that original amount allocated for foreclosure mitigation efforts: 0
Number of foreclosures Credit Suisse projected in April of 2008 would occur over the next five years: 6.5 million
Number of foreclosures Credit Suisse projected in December of 2008 would occur over the next five years: 8.1 million
Proportion of homeowners who will lose their homes to foreclosure over the next five years: 1/9
Decrease in the number of loans in loss mitigation in May of 2008 compared to January of 2008: 40,000

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U.S. Consumer Law Center is one of the Nation’s leading Loan Modification and Loss Mitigation Companies.