The Real Deal Miami

Frank threatens foreclosure ban by Congress

July 31, 2009 01:42PM

Representative Barney Frank wants banks to pick up the pace of loan modifications for people in trouble on their mortgages and vowed to revive a bill that would let bankruptcy judges reset payments if banks don’t act faster. Treasury Secretary Timothy Geithner and more than two dozen mortgage companies reached agreement this week to get 500,000 loans modified by November 1. The flood of delayed and delinquent payments left many banks and loan servicers overwhelmed by paperwork and makes the prospect of success difficult. [AP via FAR]