Barney Frank: Homeowners Shouldn’t Have ‘False Hopes’

U.S. homeowners who have missed mortgage payments shouldn’t have “false hopes” that they can challenge foreclosures due to paperwork flaws, Rep. Barney Frank (D-Mass.) said Thursday

Frank, the outgoing chairman of the House Financial Services Committee, said at a subcommittee hearing that banks should be doing “everything possible to straighten out that paperwork problem.” But, he added that, consumers should not “get false hopes that this is going to lead to a substantial number of foreclosures being permanently forgotten.”

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