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Dodd, Frank Ask Regulators to Address 2nd Mortgages Valuation Problems that Discourage Loan Modifications
July 10, 2009 - (RealEstateRama) — Today Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Chairman Barney Frank (D-MA) sent a letter to the heads of the bank regulatory agencies asking them to address whether banks are inflating the value of 2nd mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling programs designed to prevent foreclosures.
