A report from the Treasury shows that about 9% of eligible borrowers have received mortgage modifications. While the Treasury is encouraging mortgage servicers to ramp up their efforts, Rep. Barney Frank, chairman of the House Financial Services Committee, warned banks that he will reconsider "cram-down" legislation if they do not get moving. The measure would give bankruptcy judges the authority to modify mortgages. "If this last effort to produce significant modifications fails, the argument for reviving the bankruptcy option will be extremely strong," Frank said.

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