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Dodd Lack of foreclosure help may spark more legislation
WASHINGTON (11/14/08)—Growing frustration with the pace of voluntary mortgage foreclosure mitigations may spark more legislation, according to the remarks of two key lawmakers this week. Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said Thursday that he was speaking for himself and others in relating that more progress is needed “from our friends in the financial sector” in foreclosure mitigation, affordable lending, and curbing “excessive compensation.” He added that if such progress was not soon apparent, his panel stood ready to prepare legislation to address the gap. Dodd made his remarks at his committee’s hearing titled “Oversight of the EESA: Examining Financial Institution Use of Funding Under the Capital Purchase Program” On the House side, the chairman of the Financial Services Committee, Rep. Barney Frank (D-Mass.) has cited his perception of a lack of cooperation from mortgage providers in working out troubled loans. He also suggested Congress should consider legislation that could make renegotiating troubled loans easier.
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