WASHINGTON - NAFCU today again urged lawmakers to use some of the money set aside to help troubled financial institutions to buy bad mortgages.

"NAFCU strongly urges the 111^th Congress and the incoming Obama Administration to uphold this mandate set forth in the Emergency Economic Stabilization Act by allocating funding to the purchase of mortgage-related troubled assets just as funding being allocated to the CPP. Doing so would not only help credit unions, but also help bring TARP relief to Main Street and not just Wall Street," NAFCU Senior Vice President, Government Affairs B. Dan Berger wrote members of the House Financial Services Committee.

The panel is scheduled to hold a hearing today on how Troubled Asset Relief Program funds have been used so far and what restrictions can be placed on additional funding.

President Bush and President-elect Barack Obama have asked Congress to release the remaining $350 billion in funds but some lawmakers, including House Financial Services Committee Chairman Barney Frank, want strict rules on how the funds are used, including to provide mortgage relief.