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Barney Frank

Federal Reserve & Barney Frank to meet with public

by Moe Bedard

The Federal Reserve will come to the city next month to hear from area residents who have suffered losses due to the financial crisis.
The meeting is set for 6 p.m. on Nov. 1 at St. Patrick’s Church on Main Street.

Sandy Braunstein, of the Federal Reserve’s community affairs office, will be there along with U.S. Reps. [...]

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Still waiting on Main Street

by Moe Bedard

THE US Treasury Department needs to take the same kind of aggressive steps to ease financial strains on homeowners that it took to guarantee the investments of banks and financial institutions. The economy can’t turn around until the housing market stabilizes. That requires a timely plan to stem mortgage defaults and foreclosures.

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Wall Street Hedge Funds Vs. Homeowners & Barney Frank

by Moe Bedard

House Financial Services Committee chairman Barney Frank is warning Wall Street hedge funds and threatening to subpoena at least two hedge funds, Greenwich Financial Services and Braddock Financial  to testify next month after the funds warned mortgage servicing companies not to participate in federal loan modifications.
“Your decision is a serious threat to our efforts to respond [...]

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Barney Frank Says Americans Were Pushed Into Homeowership

by Moe Bedard

“We made a mistake in this society. We assumed that everybody can be a homeowner. That was wrong.
We ended up pushing people into home ownership – including a great many who weren’t ready for it.”
Question: How on earth did the U.S. mortgage market get here?
Answer: We had too little regulation at a point of [...]

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Frank calls for restructuring of the mortgage servicing industry if servicers fail to cooperate

by Moe Bedard

Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.
Thus far, servicers have been playing by [...]

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Barney Frank Calls for Foreclosure Freeze

by Moe Bedard

The chairman of the House Financial Services Committee called on lenders to stop filing foreclosures until a new foreclosure-prevention program takes effect.

On Wednesday, Rep. Barney Frank (D-Mass.) had called on lenders to make immediate use of the program, which is included in a massive housing package that passed the House this week and is [...]

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Plan to Help Hundreds of Thousands of Homeowners Faces Senate Vote

by Moe Bedard

The mortgage scandal plagued, and Senate will have a test-vote today on housing foreclosure rescue program. The Federal Housing Administration (FHA) would provide $300 billion in new, cheaper mortgages for struggling homeowners who otherwise would be considered too financially risky to qualify for government backed, fixed-rate loans.
A plan that will help hundreds of thousands of homeowners avoid foreclosure is drawing support [...]

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The OCC Wants the Real Loan Modification Numbers

by Moe Bedard

Hope Now and the MBA asked, “So, how many loan modifications did you do Litton?”
“3,235,” the Litton rep said.
The boys at the “round table” pick up the phone and call Angelo, “How many did you do Countrywide?”  
“We did 7,978 guys. Never mind that!” Mr. Mozilo said,”We’re going to have martinis later on  the golf course!”
Listen here [...]

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House Passes Comprehensive Housing Package

by Moe Bedard

Washington, DC – The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis.  The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems.  The legislation combines a [...]

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Barney Frank Makes Threats and the Bush Administration Undermines the House

by Moe Bedard

Business as usual in Washington.
I have been ranting on this blog for almost a  year now on why our government needs to step in and demand action from lenders and servicers to do more to help clean up the toxic mortgages that are eating up our country one home, one family and one city at a time. 
Barney Frank [...]

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House debates foreclosure rescue

by Moe Bedard

Barney Frank: We’re telling people, “We wish you would use this alternative process.” Some of them will say, “Well, I can make more money foreclosing, so the hell with ya.”
Lenders are lobbying furiously against any move to give judges the power to adjust mortgages.
The House is expected to consider a $300 billion housing rescue package [...]

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Will the FHA Housing Stabilization and Homeownership Retention Act Save Homeowners?

by Moe Bedard

Forbes:
Committee Chairman Barney Frank of Massachusetts has said the bill, the Housing Stabilization and Homeownership Retention Act, could be up for a vote by the House as early as next week.
Under the bill approved today, a voluntary program would be created that would allow the Federal Housing Administration (FHA) to insure up to 300 bln [...]

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Financial Services Committee Approves FHA Housing and Homeowner Retention Act

by Moe Bedard

Washington, DC – {The House Financial Services Committee today approved H.R. 5830, the FHA Housing and Homeowner Retention Act, by a bipartisan vote of 46 to 21.  The legislation, authored by Committee Chairman Barney Frank, will expand the FHA program to help refinance at-risk borrowers into viable mortgages.  The bill also requires the Federal Reserve [...]

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Frank said he expects the Bush administration to threaten to veto two foreclosure assistance bills

by Moe Bedard

 Among the many golden nuggets he gave reporters this morning: Frank said he expects the Bush administration to threaten to veto two foreclosure assistance bills the House Financial Services Committee, which Frank chairs, is expected to send to the floor.
Frank said they’ve known for some time that the Bush administration would issue a veto threat [...]

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FHA to Handle Foreclosure Crisis

by Moe Bedard

It looks like the brunt of the foreclosure problems in our country will rest on the shoulder of the Federal Housing Administration - FHA.
All the key players in the housing and mortgage crisis plus the democratic presidential candidates have all agreed that there will be no new agency created to deal with the national foreclosure crisis.
House financial [...]

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Economic and Housing Rescue Legislation Introduced in the House

by Moe Bedard

 Mark up of both measures set for April 23rd and 24th
Washington, DC – In response to the nationwide economic downturn caused by the housing and credit crisis, members of the House Financial Services Committee today introduced legislation to combat the unprecedented rise in foreclosures, and the associated impact on cities and states.  The legislation first [...]

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Lawmaker Steps Up Modification Pressure

by Moe Bedard

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 [...]

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Key House lawmaker warns mortgage servicers to cooperate or face more regulation

by Moe Bedard

WASHINGTON (Thomson Financial) – Mortgage servicing companies which are resisting loan modifications aimed at preventing foreclosures need to stop fighting the idea or face tougher regulation, Democratic Chairman of the House Financial Services Committee Barney Frank of Massachusetts warned today.
Read the rest of the Forbes Story

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The Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus

by Moe Bedard

Barney Frank’s Statement on the Federal Reserves Proposed Changes to HOEPA 
Washington, DC – Rep. Barney Frank, chairman of the House Committee on Financial Services today released the following statement in reaction to the Federal Reserve’s proposed rules on the Home Owner’s Equity Protection Act (HOEPA): “The staff of the Financial Services Committee and I have [...]

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Barney Frank – you not only don’t know your borrower, you have no idea who your borrower’s borrowers’ were or are

by Moe Bedard

 By Moe
“I have always been told by bankers that the prime rule of banking was ‘know your borrower.’ And what has happened is that we have created through a whole group of new methods a situation in which you not only don’t know your borrower, you have no idea who your borrower’s borrowers’ were or [...]

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