Loan Modification - Next $350 billion in rescue plan aren't available without loan modification

A key lawmaker on Friday said that Congress would be unlikely to approve any request from the Treasury for an additional $350 billion in bank bailout funds unless there was an agreement to have some of the money be used to modify mortgages.Does your lender have your best interest? Find out which loan modification companies can steer you wrong while others have success rates of 97% and above. Get the details in the FREE loan modification help and strategy Ebook."If they were to seek $350 billion, there would be members of Congress that would insist on a vote and I don't think there is any way Congress would approve it without a resolution of the mortgage-modification issue," said Senate Banking Committee Chairman Christopher Dodd, D-Conn.Treasury Secretary Henry Paulson has publicly opposed using money from the bank bailout fund to employ a proposal introduced by Federal Deposit Insurance Corp. Chairwoman Sheila Bair.Dodd has joined many Democrats in Congress along with Bair in seeking $24.4 billion or more in bailout funds for a mortgage modification program that they believe would help avoid 1.5 million foreclosures.Rep. Maxine Waters, D-Calif. on Thursday introduced legislation with eight co-sponsors including Rep. Carolyn Maloney, D-NY, that mirrors Bair's proposal.So far, the Treasury Department has already committed $330 billion of the $700 billion bank bailout package.Treasury has allocated $125 billion to buy minority stakes in nine large banks and another $25 billion to dozens of smaller banks. It has also committed another $100 billion to invest in additional financial institutions as well as a separate $20 billion infusion into Citigroup Inc.