Frank to Push Lenders to Hold Off on Foreclosures
Damian Paletta reports on the housing legislation.
House Financial Services Committee Chairman Barney Frank plans to call on mortgage servicers to hold off on foreclosures “in applicable cases” until Oct. 1, when the new housing law is expected to allow the government to insure more refinanced mortgages.
The House passed a bill Thursday that would temporarily backstop Fannie Mae and Freddie Mac and expand a government program that insures home loans. The Senate is expected to vote by Saturday.
Rising foreclosures across the country have pushed down home prices in many areas, frustrating policy makers and stressing the economy.
Go Barney go!
I have several employees who may soon be entering the “foreclosure” crisis and I have this question for them as asked of me by them.
“1. Who qualifies for the new lending this moment in time?”
“2. Is it for the first 400,000 thousand, only?”
“3. Does one have to be in foreclosure to ask for the new program funding?”
“4. What if one is not now in foreclosure who has been ‘grabbing’ for money to pay each months mortgage as presented that is only putting her further in debt?”
“5. Does one asking for this program go to the Lender directly by themselves?”
“6. Although the money for the borrower is not freely available and she borrows from friends, use of credit cards, or some money saved etc., is she disqualified to be in this program in being current in pain?”http://www.mbfusa.com
I would like to know the answers to your questions too. If you find them, can you post it?
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