Skip to comments.Barney Frank: Homeowners Shouldn’t Have ‘False Hopes’ (Bawney mum on 2012 Senate wace)
Posted on 11/19/2010 1:56:28 PM PST by Libloather
Barney Frank: Homeowners Shouldnt Have False Hopes
November 18, 2010, 12:00 PM ET
By Alan Zibel
Rep. Barney Frank U.S. homeowners who have missed mortgage payments shouldnt have false hopes that they can challenge foreclosures due to paperwork flaws, Rep. Barney Frank (D-Mass.) said Thursday.
Frank, the outgoing chairman of the House Financial Services Committee, said at a subcommittee hearing that banks should be doing everything possible to straighten out that paperwork problem. But, he added that, consumers should not get false hopes that this is going to lead to a substantial number of foreclosures being permanently forgotten.
Several major lenders, including Bank Of America Corp., Wells Fargo & Co., Ally Financial Inc.s GMAC Mortgage and J.P. Morgan Chase & Co., have been reviewing thousands of foreclosure cases amid revelations they filed large numbers of foreclosure documents without reviewing their contents.
Frank is losing his chairmans seat after Republicans take control of the House in January. He said he hopes lawmakers can work together next year in a bipartisan fashion to enact reforms of the mortgage industry.
One goal, he said, should be to establish a single entity to make decisions about whether homeowners receive loan assistance. Now, disputes between investors in mortgage-backed securities can block such requests.
There should not be important decisions that need to be made in the private sector and no one has the authority to make them, Frank said. We have a tangle that is very daunting.
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Yeah, that's a real shame. NEXT!
Wow, who’s the dude(?)on the right with the crazed expression and chihuahua collar?
ONE of his boyfwiends? (There's so many, I can only assume.)
Keep your panties on, Barney. The employment recession you precipitated will be with us awhile. Nothing you can do about it, PansyBoy.
That’s sociopath and psychopath David Brock, of Anita Hill fame, who now runs Media Matters. The psycho look is not staged. It’s the real David Brock. He should be in an insane asylum, right next to fellow sociopath and psychopath George Soros.
THAT’S Buttboy Brock? Now that I’ve taken a second look, he’s one of Frank’s franks! No kidding.
Barney and his Fannie May & Freddie Mac boyfriends should all be be audited.