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Washington, DC - Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services made the following statement today regarding the introduction of H.R. 5579, the Emergency Loan Modification Act of 2008, by senior members of the Financial Services Committee, Reps. Michael N. Castle and Paul E. Kanjorski.
“I congratulate my colleagues for this initiative. I hope the committee will deal with this bill as part of a package to stem the number of foreclosures in America. As with all of the forthcoming initiatives on foreclosure avoidance, we are open to further discussions on the policy,” said Chairman Frank. “I believe this is the direction we should be moving, and given the newness of the issues, no one should have a closed mind about this.”
The bill introduced today clarifies certain responsibilities of and provides a safe harbor from legal liability for mortgage servicers who engage in loan modifications and workouts according to specific criteria to help troubled borrowers remain in their homes.
This new bill is a substitute for H.R. 4178, the Emergency Loan Modification Act of 2007, which Congressman Castle introduced last November.
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