“As the Obama Administration carries out the Emergency Economic Stabilization Act, our actions will reflect the Act’s original purpose of preventing systemic consequences in the financial and housing markets…. The Obama Administration will commit substantial resources of $50-100B to a sweeping effort to address the foreclosure crisis. We will implement smart, aggressive policies to reduce the number of preventable foreclosures by helping to reduce mortgage payments for economically stressed but responsible homeowners, while also reforming our bankruptcy laws and strengthening existing housing initiatives like Hope for Homeowners.”

– This is an excerpt from a recent letter that Lawrence H. Summers — the National Economic Council Director under newly-elected President Barack Obama — sent to congressional leaders about how the remaining $350 billion of Emergency Economic Stabilization Act (the now infamous bailout plan) will likely be spent moving forward. It’s hopefully good news for distressed homeowners, providing much-needed relief for families nationwide who need it most. The housing issue promises to be one of many issues that Obama and his administration intend to tackle right out of the gate.