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House Financial Services Committee Chairman Barney Frank is plotting to introduce a bill that would provide rescue funds amounting to $2 billion to help the growing number of unemployed workers who are facing foreclosed property sale.

The funds came from the money repaid by banks under the Troubled Asset Relief Program. He said that the money from the program should be offered to unemployed Americans as loans. He said that the money was part of the $700 billion program and should be tapped to provide relief to jobless people who are facing foreclosed property sale.

The Massachusetts lawmaker pointed out that another flood of foreclosures is looming. But this time around, the problem will not come from people who made terrible loan decisions and bought houses that they could not afford to pay from the start.

The coming wave of foreclosures will come from people who could afford to pay their loans but were forced to default because they have lost their jobs or have been jobless for a long time already.

In September, the unemployment rate accelerated, reaching the highest level. According to industry experts, the rapid increase in the unemployment rate indicated a slow recovery for the economy and the housing market. In August, the number of foreclosure houses jumped by 18 percent compared with the same month a year ago.

Frank said that he was disappointed about the statistical report showing an increasing number in people losing their jobs. He said that his panel is plotting to consider job creation policies in January. The lawmaker leads the U.S. Congress debate on the reform of financial regulations.

Industry experts said that jobs will not fully recover immediately as expected and needed in order to bring back the society to its healthy state. They pointed out that it is about time to start thinking about ways to promote employment.

Meanwhile, Frank is proposing for the Obama Administration to pull out troops from Iraq sooner than 2011. He suggested that the federal government redirect the savings that it will make from pulling out the troops from Iraq to make more jobs.

Some industry experts agree with Frank, saying that making more jobs would mean more troubled homeowners would be able to avoid foreclosed property sale.

Related Posts:

• Jobless Claims, Foreclosed Houses for Sale Keep Rising
• Massachusetts Jobless Rate Rose as Foreclosed Houses for Sale Fell
• End of Benefits Means Rise of Detroit Foreclosure Homes
• More Unemployed, More Bank Foreclosed Home
• Foreclosed Homes Turned Cheap Houses for Sale Will Not Be Saved by Plot

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