Congressman Barney Frank (D-MA), chairman of the House Committee on Financial Services, agreed with a press statement released last week by the NHC-led Foreclosure Prevention and Neighborhood Stabilization Task Force.
The statement was drafted in response to Sheila Bair’s recent Federal Deposit Insurance Corporation (FDIC) proposal for a loan modification program that appropriately recognizes the widening scope of foreclosures occurring across the United States.
Congressman Frank, “moved” by the task force’s statement, quickly drafted a letter to Treasury Secretary Henry Paulson urging the use of Troubled Assets Relief Program (TARP) funds in order to stem foreclosures.
Read Congressman Frank’s letter here.