Frank welcomes distressed loans' progress

WASHINGTON (Reuters) - The chairman of the House of Representatives Financial Services Committee on Friday welcomed reports of progress in a Treasury-led effort to help distressed homeowners and said he stood ready to move legislation if needed.

"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," Democratic Rep. Barney Frank of Massachusetts said in a statement.

"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," he said.