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Frank schedules two hearings on mortgage rescue plan
WASHINGTON (4/8/08)—House Financial Services Committee Chairman Barney Frank (D-Mass.) announced Monday that his panel will conduct hearings this week on the economic, mortgage and housing rescue plan he unveiled last week. Frank said in a release that the hearings on April 9 and 10 will include federal regulators, academics, economists and representatives of cities and communities that are being negatively impacted by high numbers of foreclosures. Frank said he will ask witnesses to discuss the proposal he and Sen. Christopher Dodd (D-N.Y.) introduced March 14, a plan that would allow the Federal Housing Administration to insure refinanced mortgages that have been significantly written down by mortgage holders and lenders. Dodd is chairman of the Senate Banking Committee. Frank also said he will ask witnesses to provide suggestions regarding his proposal. First panel witnesses scheduled for Wednesday are: * Chairman Sheila C. Bair, of the Federal Deposit Insurance Corp.; * Comptroller John C. Dugan of the Office of the Comptroller of the Currency; * Director John M. Reich, Director of the Office of Thrift Supervision; * Dr. Randall Kroszner, member of the Federal Reserve Board; and * Assistant Secretary for Housing-Federal Housing Commissioner Brian Montgomery of the U.S. Department of Housing and Urban Development. A second panel of scheduled witnesses features:
* Brian Wesbury, chief economist, First Trust Advisors L.P.; * Dr. Alan S. Blinder, Ph.D., Gordon S. Rentschler Memorial Professor of Economics and Public Affairs, Princeton University; and * Dr. Allen Sinai, chief global economist, strategist and president, Decision Economics, Inc.
Witnesses to testify on April 10 will be announced prior to that hearing. Use the resource link below to read more details of Frank's plan.
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