Rep. Frank increases pressure on banks to modify mortgages

03/8/2010 | Wall Street Journal, The

Rep. Barney Frank, chairman of the House Financial Services Committee, sent a letter to the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo demanding "immediate steps to write down second mortgages." A representative of Bank of America said the company is "committed to working with all interested parties to develop additional solutions to help homeowners modify first and second mortgages."

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