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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