WASHINGTON — House Financial Services Committee Chairman Barney Frank and two of his colleagues today urged banks and mortgage companies to delay foreclosure proceedings for people who may be eligible for a new government program.
Frank and U.S. Reps. Maxine Waters (D-Ca.) and Mel Watt (D-N.C.) sent a letter to top bank and mortgage company executives and their lobbyists urging them to delay foreclosure actions until the FHA's Hope for Homeowners program takes effect on Oct. 1.
The lawmakers asked the executives several questions about their plans for helping borrowers facing foreclosure and requested replies by Aug. 31. The information obtained will be used in preparation for a Sept. 17 hearing to gauge compliance.
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The program, which lawmakers say is designed to help at least 400,000 homeowners, was a key provision of the housing bill signed last week by President Bush.
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