Treasury to update bailout progress
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AP
Published: November 12, 2008
Treasury Secretary Henry Paulson may answer some of his critics when he gives an update this morning on the $700 billion financial bailout program.
The administration has been accused of not being tough enough with banks that are getting financial assistance. There are also complaints that troubled assets are not being bought as planned, and that not enough is being done for people struggling with their mortgages.
Meanwhile, other problems have cropped up, such as pressure to give the auto industry $25 billion, and the need to pump another $40 billion into insurance giant AIG.
On Tuesday, the Federal Housing Finance Agency announced a new plan to help struggling homeowners with mortgages from Fannie Mae and Freddie Mac.
But the FDIC’s chairman says the plan falls short of the big changes needed to help millions of homeowners with distressed mortgages.
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