Press Release

For Immediate Release: June 12, 2008

Frank Statement on OCC Mortgage Industry Report

Washington, DC - House Financial Services Committee Chairman statement on the recent Mortgage Metrics Report released by the Office of the Comptroller of the Currency (OCC):

            “I welcome the objective report done by the OCC and I appreciate the willingness of Comptroller Dugan to give us this independent analysis. I supported the HOPE NOW program when it came out and I continue to think it is worth trying, but it is now clear that much more aggressive action is needed and reinforces the need for legislation to expand the FHA program to help refinance at-risk borrowers into viable mortgages.”