WASHINGTON — House Financial Services Committee Chairman BarneyFrank (D-Mass.) has sent a letter to several of the nation'slargest mortgage servicers urging them to “engage in an intenseeffort” to modify troubled mortgages.
|Franks told the servicers to use the billion-dollar Bank ofAmerica settlement of predatory lending claims against subsidiaryCountrywide Financial Corp. as a template for wide-scale loanmodification. Franks said substantial interest rate reductions,reductions in principal and waivers of late fees prepaymentpenalties should be employed.
|Franks wants immediate and specific action. He told theservicers to get back to the committee no later than Oct. 17.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
