President-elect Barack Obama plans to use $50 billion to $100 billion of Troubled Asset Relief Program funds on a foreclosure prevention plan, according to Lawrence Summers, director-designate of the National Economic Council.

In a letter sent Thursday to congressional leaders, Mr. Summers also said banks getting money under the program "will be required to implement mortgage foreclosure mitigation programs."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.