Or else what, you ask? He will re-introduce legislation to let bankruptcy judges rewrite mortgages.
|//|| WASHINGTON (AP) – A senior House Democrat threatened banks Wednesday that if they don’t volunteer to save more homeowners from foreclosure, Congress will make them.In a sternly worded statement, Rep. Barney Frank said Congress will revive legislation that would let bankruptcy judges write down a person’s monthly mortgage payment if the number of loan modifications remain low.
Frank, chairman of the House Financial Services Committee, also said his committee won’t consider legislation to help banks lend unless there is a “significant increase” in mortgage modifications.
The last time the Democrat-controlled Senate tried this it failed by 15 votes.