U.S. Rep. Barney Frank says he is not satisfied with the level of aid that banks are giving to distressed homeowners under the federal aid program "Making Home Affordable." Although 360,165 homeowner mortgage payments have been reduced under the program, according to figures released Wednesday by the Treasury Department, Frank said the pace is too slow. He threatened to relaunch so-called "cramdown" legislation, which would allow judges to modify mortgages in bankruptcy proceedings, if banks don't move faster. The banking industry strongly opposes such legislation.
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