Frank Threatens Banks To Stop Foreclosures

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

July 29, 2009

A senior House Democrat is threatening banks that if they don't volunteer to save more homeowners from foreclosure, Congress will make them.

Rep. Barney Frank, chairman of the House Financial Services Committee, said that rising foreclosure rates will increase Congress' appetite for legislation that would let bankruptcy judges write down a person's monthly mortgage payment. The financial industry has fought bitterly against the bill and, so far, kept it from passing the Senate.

Frank said that besides reviving the bankruptcy bill, his committee won't consider legislation to help banks lend until there is a "significant increase" in loan modifications.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 52002102 -