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Rep Frank to pursue mortgage bankruptcy bill
Rep. Barney Frank, Chairman of the House Financial Services Committee, speaks to reporters during the Reuters Global Financial Regulation Summit in Washington, April 28, 2009.
Credit: Reuters/Jonathan Ernst
WASHINGTON |
WASHINGTON (Reuters) - The chairman of the House of Representatives Financial Services Committee said on Wednesday he expects to keep pursuing legislation to reduce mortgage loan amounts through bankruptcy proceedings, and lackluster efforts to modify mortgages increase the chances of that legislation passing.
"The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages," Rep. Barney Frank said at a panel subcommittee hearing. "If they do not improve their performance then they improve their chances of that legislation."
(Reporting by David Lawder, Editing by Chizu Nomiyama)
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