House Bill 384 or the TARP Reform and Accountability Act is expected to make affordable mortgages more accessible to qualified buyers and in the process stimulate the demand for home buying. The bill, which was introduced by Representative Barney Frank, is being eyed as the first step to reviving the housing market and attaining economic recovery.

By amending some provisions of the Emergency Economic Stabilization Act of 2008, the bill seeks to strengthen accountability and lessen foreclosures. Those in the real estate sector are confident and al praises for the bill saying it is an important step that the government should take to pave the way for the recovery of the real estate sector.

TARP is expected to create stability in the housing sector through the provision of mortgage-backed securities and commercial real estate loans. The bill also seeks to reduce loan rates and provide affordable home mortgages to qualified buyers.