Final TARP funds aimed to help homeowners: W.House

WASHINGTON | Tue Jan 13, 2009 12:39am GMT

WASHINGTON (Reuters) - The remaining $350 billion from the $700 billion financial industry bailout program will be used in part to help homeowners facing mortgage foreclosure and expanding existing programs, the White House said on Monday.

President George W. Bush sent the formal request and report to Congress seeking the money on behalf of President-elect Barack Obama, but it said that the current administration had no intention of allocating additional funds from the final $350 billion.

"We have shared design and analysis of several foreclosure mitigation options with the transition team and anticipate the remaining funds will be used in part for a foreclosure mitigation program and for expansion of existing programs," the 18-page report said.

(Reporting by Jeremy Pelofsky and Matt Spetalnick; Editing by Eric Walsh)
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