Tarp Interest for Unemployed Homeowners?

The Mercury News had an article this morning, saying that the new wave of foreclosures is beginning...previously qualified borrowers who are now unemployed.
The lack of aid to jobless homeowners has been identified as a big weakness in the administration's plan to tackle the mortgage crisis. A report by a congressional oversight panel said last month that the $50 billion program "was not designed to address foreclosures caused by unemployment," which are now the main cause of default. Many lawmakers have also complained about the slow pace of loan modifications that might have helped this situation.
Rep. Barney Frank said Monday that he is pushing a proposal to use some of the interest the government collects from the financial industry bailout to give loans to unemployed homeowners struggling to pay their mortgages.
Frank, chairman of the House Financial Services Committee, said,"These are people who are very responsible, very thoughtful. They got a home, it's above water, they've got equity, but they're unemployed, and you can't afford mortgage payments on unemployment."
The program would be funded using the interest banks pay on the $700 billion Wall Street bailout, known as TARP. It would provide $2 billion in TARP money for low-interest loans to homeowners who have lost their jobs but who have good prospects for being able to resume mortgage payments in the future. The emergency loans would be provided for up to 12 months with the possibility of extending them for another year.
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