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Loan Modification

Lawmaker Steps Up Modification Pressure

Posted by Moe Bedard On April - 16 - 2008

Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said in an interview with reporters and editors of The Associated Press that loan servicing companies - which collect mortgage payments and distribute them to investors - should help modify and refinance more home loans.

“If there’s not a lot of voluntary participation now, that’s going to strengthen the argument of people who want regulate them very toughly going forward,” Frank said, reiterating a point he made at a House hearing last week.

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