Reuters announced today that the Chairman of the House of Representatives Financial Services Committee intends to continue his pursuit of legislation that would reduce mortgage loans through bankruptcy proceedings. Representative Barney Frank started the financial regulation reform in March of 2009. He believes that the likelihood of the legislation passing is increased by lackluster efforts to modify mortgages.
“The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages,” Rep. Barney Frank said at a panel subcommittee hearing. “If they do not improve their performance then they improve their chances of that legislation.”
Kevin D. Heupel, Colorado personal bankruptcy lawyer
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