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Washington, DC - In light of rising mortgage foreclosure rates in the United States, House Financial Services Committee Chairman Barney Frank, along with subcommittee chairmen Paul E. Kanjorski, Carolyn Maloney, Maxine Waters, Luis V. Gutierrez and Melvin Watt, committee members Keith Ellison, Christopher S. Murphy, Charles A. Wilson, and with Rep. Marcy Kaptur, sent a letter on June 15, 2007, to Securities and Exchange Commission Chairman Christopher Cox regarding the FAS 140 accounting standard.
Specifically, the members asked Chairman Cox to respond to the question: “Does FAS 140 clearly address whether a loan held in a trust can be modified when default is reasonably foreseeable or only once a delinquency or default has already occurred? If not, can it be clarified in a way that will benefit both borrowers and investors?”
Please click on the following link for a copy of the signed letter.
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