Frank Statement Regarding Recent Developments on Subprime Loan Modifications

Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services issued the following statement today in response to recent developments on subprime loan modifications:

“I am encouraged by reports of progress in Secretary Paulson’s and our efforts to move industry to seek large scale loan modifications for borrowers who, facing interest rate resets, are in danger of losing their homes.  We in the House have already taken several steps to facilitate this process.  If additional legislative action is necessary, we stand ready to work with the Secretary as this process moves forward.”