FUNDING for this Program:
Congress will authorize Treasury to issue up to$700 billion annually in 30 year Treasury bonds, at prevailing rates, to implement this program.
These funds will be placed in a separate segregated Federal Reserve Board administered fund that cannot be invaded by Congress. These funds will be used to purchase mortgages funded by Freddie Mac/Fannie Mae.
Chairman of Fed to be responsible for disbursement and oversight of the program through FNMA/FHLMC so co-ordination with Monetary policy will be maximized.
Reporting to Congress on program status twice a year.