Frank Statement on Bernanke Speech on Reducing Preventable Mortgage Foreclosures

Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services offered the following statement in response to Federal Reserve Chairman Ben S. Bernanke’s comments today on reducing preventable mortgage foreclosures before the Independent Community Bankers of America Annual Convention in Orlando, Florida:

“It is now clear that we will not be able to avert a more serious and prolonged economic slowdown if we don’t address the problem of increasing mortgage foreclosures.  Chairman Bernanke’s willingness to work with us in a cooperative way, and his outline of the principles that we should be applying, are very hopeful signs and they encourage me to believe that we will be able to adopt measures that reflect this approach.”