Frank: Democrats, Treasury Agree on Bailout Plan Basics
The Post's Lori Montgomery reports this latest update from the Capitol:
Rep. Barney Frank (D-Mass), chairman of the House Financial Services Committee, says House and Senate Democrats have agreed on the basic principles of a bailout plan. In particular, both sides agree to the creation of an oversight board and foreclosure mitigation for some distressed homeowners.
Frank said Treasury has signed off on the plan as well. However, Frank said there remain sticking points on the plan between Democrats on the Hill and the administration, particularly over executive compensation and giving bankruptcy judges authority to modify some mortgages.
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