Frank threatens banks to stop foreclosures

WASHINGTON (AP) - A senior House Democrat threatened banks Wednesday that if they don't volunteer to save more homeowners from foreclosure, Congress will make them.
In a sternly worded statement, 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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Frank threatens banks to stop foreclosures


Barney Frank; Political will trying to trump reality...

Barney Frank and the rest of Congress need to GTFO of the economy, and let the system work as intended, instead of trying to bend it to their political needs.

Isn't this the same guy who claimed there was no problem with Fannie and Freddie back in 2003? If I understand this article correctly, Barney Frank is telling banks that they have to suck it up and take a loss, or congress is going to go after them.

Wasn't it democratic meddling in the banking industry in the late 90's, forcing banks to take on so many risky loans, that is a major reason we are in the mess we're in today?

In my estimate, the government is responsible for the economic crisis we're now in, yet they still think they are the answer. The government needs back off and allow the free market to work.

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:roll: What kind of crack are they smoking in MA again?