Rep. Barney Frank, chairman of the House Committee on Financial Services, highlighted the need for a bailout program for troubled homeowners on Wednesday. But he stressed that not all borrowers should necessarily be rescued.
"Diminishing foreclosures is an important part of getting out of this [financial crisis]," said Frank, D-Mass., in an opening statement at a Congressional hearing on bank rescue plans for homeowners facing foreclosure.
But Frank added that taxpayer money should not be used to give anyone a "free ride," and warned that aid should not go to homeowners who never could have afforded their mortgage to begin with.
"There is, in my judgment, zero likelihood that taxpayer dollars will go to those who should never have had loans in the first place," Frank said.
Thursday, November 13, 2008
Barney Frank on foreclosure prevention programs
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