Frank Wants Tax on Banks, Hedge Funds to Subsidize Housing Programs

On Thursday, Frank introduced the Emergency Mortgage Relief and Neighborhood Stabilization Programs Cost Recoupment Act (H.R. 1151).


The amount paid by each individual firm would be assessed based on risk, to bring in a collective total of $2.5 billion, which would be used to offset the cost of assistance to unemployed homeowners under the Emergency Homeowner Loan Program and for states and communities under the Neighborhood Stabilization Program.