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IPFS News Link • Bailouts

Frank threatens banks to stop foreclosures

07/29/2009 • Breitbart

A senior House Democrat threatened banks if they don't volunteer to save more homeowners from foreclosure, Congress will make them. Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person's monthly mortgage payment if the number of loan modifications remain low. Frank, chairman of the House Financial Services Committee, also said his committee won't consider legislation to help banks lend unless there is a "significant increase" in mortgage modifications.

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