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Congress Blames Treasury as Foreclosures Mount

Their plan to help those facing foreclosure: not one thing. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testify at the House Financial Services Committee hearing on 'Oversight of Implementation of the Emergency Economic Stabilization Act of 2008 and of Government Lending and Insurance Facilities; Impact on Economy and Credit Availability' on Capitol Hill, November 18, 2008. (Kevin Lamarque/Reuters)

BOSTON - A congressional banking leader Tuesday blew hot air and blame at the U.S. treasury secretary about the ongoing home foreclosure crisis, but neither made a commitment to help stressed homeowners.

Congress is officially out of session, except for this week, and has no plan to address the looming problem of foreclosures until it returns in January, when Pres.-elect Barack Obama takes office.

Congress would have full authority to do so.

Posted in financial crisis, foreclosures