Frank Issues Frank Warning To Lenders At Mortgage Bankers Meeting

In Boston, Massachusetts, Reuters reports:

• A bill that would expand refinancings of risky mortgages by requiring voluntary lender write-downs is the industry's last chance to improve their market without more drastic regulation, U.S. House Financial Services Committee Chairman Barney Frank said on Monday. "If this program, this set of inducements, for people to avoid foreclosure doesn't make much difference, what you will face next year ... will be much tougher rules about the home mortgage industry in general," he said at a Mortgage Bankers Association meeting in Boston.

For more, see US's Frank warns mortgage lenders of drastic rules.