March 13, 2008

Dodd and Frank to Hold Media Availability to Discuss Mortgage Foreclosures

Washington, DC – Congressman Barney Frank, chairman of the House Committee on Financial Services and Senator Christopher Dodd, Chairman of the Senate Banking Committee, will hold a press conference today to discuss the rising number of foreclosures. WHO: Congressman Barney Frank, Chairman, House Financial Services Committee Senator Christopher Dodd, Chairman, Senate Banking, Housing and Urban Affairs Committee WHAT: Press Conference to Discuss Legislation to Stem the Rise of Mortgage Foreclosures WHEN: Thursday, March 13, 2008 12:30 p.m. WHERE: House Radio/TV Gallery Room H-321 Earlier today, Congressman Frank announced new legislation to stem the significant rise in mortgage foreclosures by allowing the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders. A summary of this new proposal can be found by visiting financialservices.house.gov. During the press conference, Senator Dodd will announce his intention to offer legislation, the HOPE for Homeowners Act, that will establish a new program within FHA to insure mortgages that will refinance loans at a significant discount for distressed homeowners. Senator Dodd’s proposal will be available at the press conference and at banking.senate.gov later today.