CBSN

Agreements On Oversight And Foreclosure Mitigation

House Democrats will move their massive financial-market bailout as a stand-alone bill - not packaged with other priorities like a second stimulus or a stop-gap spending measure to fund the government through this year.

But House Financial Services Chairman Barney Frank (D-Mass.) said Treasury Secretary Henry Paulson understands that each of these year-end priorities are related.

As negotiators continued their four-way discussions on Monday, Frank said the administration has accepted some form of foreclosure mitigation to help overstretched homeowners reduce the overall costs of their loans, as well as expanded oversight of the Treasury Department as the agency carries out its proposed authority to start buying up to $700 billion in devalued mortgage-related assets.

Frank, the chief negotiator in the House, also believes he is close to a deal with his Senate counterparts, suggesting the House and Senate would like to reach an agreement before either chamber votes to ensure both are considering the same package.

The Financial Services chairman believes the House will be a vote on this massive package within "a couple days."