TARP Hearings Set for Nov. 12 & 18.

House Financial Services Committee chairman Barney Frank, D-Mass., has scheduled hearings for Nov. 12 and 18 on the implementation of the $700 billion Troubled Asset Relief Program and other initiatives under taken by Treasury, Federal Reserve and FDIC in response to the credit crisis. "We have three primary areas of interest. First the effort to recapitalize financial institutions. Second, the effort to reduce volatility and restore liquidity to financial markets. Third, the effort to reduce foreclosures and mitigate the erosion of housing values, which were and remain, the epicenter of the current economic crisis," Rep. Frank said. Congress is expected to return to Washington after the November elections for a lame duck session. Democratic leaders are hoping to pass another economic stimulus bill that could be a vehicle for giving the agencies more flexibility in administering TARP and foreclosure prevention programs, such as the Federal Housing Administration's Hope for Homeowners program. The Realtors and home builders also want Congress to enhance the homebuyer tax credit to spur more home sales and make the Fannie Mae, Freddie Mac and FHA maximum $729,750 loan limit permanent.