Rep. Frank not satisfied with banks' aid to homeowners

Rep. Barney Frank, chairman of the House Financial Services Committee, said he is not satisfied with the level of aid that banks are giving distressed homeowners under the Making Home Affordable program. Although 360,165 homeowners' mortgage payments have been reduced, according to the Treasury, Frank said the pace is too slow. He threatened to relaunch "cram-down" legislation, which would allow judges to modify mortgages in bankruptcy proceedings, if banks do not move faster. The industry strongly opposes such legislation.

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