Yesterday, the House Financial Services Committee held a hearing to discuss HR 3068, the TARP For Main Street Act of 2009. Testifying before the committee were:

Panel One

  • William C. Apgar, Senior Advisor to the Secretary for Mortgage Finance, U.S. Department of Housing and Urban Development
  • Gary Engel, Director, Financial Management and Assurance, Government Accountability Office

Panel Two

  • Frank Apeseche, Chief Executive Officer, Berkshire Property Advisors and the Berkshire Group on behalf of the National Multi Housing Council
  • Mark A. Calabria, Ph.D., Director, Financial Regulation Studies, Cato Institute
  • Sheila Crowley, President and Chief Executive Officer, National Low Income Housing Coalition
  • Brian Hudson, Executive Director, Pennsylvania Housing Finance Agency
  • Damon Silvers, Associate General Counsel, AFL-CIO
  • Chris Warren, Chief of Regional Development, City of Cleveland, Office of the Mayor

H.R. 3068, which was introduced on June 26, 2009, would allow funds made available under the Troubled Assets Relief Program (TARP) to be used in order to redevelop abandoned and foreclosed homes and to provide mortgage relief for homeowners. While William Apgar from HUD praised Congress and the Financial Services Committee for their dedication to providing relief during the housing crisis, other witnesses, such as Mark Calabria of the Cato Institute, expressed concerns about the cost of TARP and the impact of stimulating the supply side of the housing market rather than the demand side.