- 8/14/2008
Frank Statement on SIFMA Announcement
Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement regarding an announcement by the Securities Industry and Financial Markets Association (SIFMA) to include high-cost area loans as eligible for inclusion in To-Be-Announced (TBA) mortgage-backed securities:
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- 8/5/2008
Frank, Waters, Watt and Miller Call for Forbearance by the Mortgage Industry
Washington, DC - House Financial Services Committee members Maxine Waters, Mel Watt, Brad Miller and the Committee’s chairman, Barney Frank, today strongly urged the mortgage industry to hold off on foreclosures for potentially qualified homeowners for the next several months while a new FHA rescue program gets under way. In July, Congress passed and President Bush signed legislation designed to help at least 400,000 borrowers who have fallen behind in their payments due to a combination of unaffordable mortgages and falling home prices. The rescue provisions, which will refinance qualified individuals through the FHA program, will take effect on October 1. In addition, the Chairman also plans a follow-up hearing to gauge compliance on September 17, 2008 at 10:00 a.m.
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