5.05.2008

Bailout passes committee

A massive government housing bailout passed committee by a large, bipartisan majority.

It's an allegedly optional version of the McCain cramdown, but Barney Frank warns servicers that if they don't cooperate, he'll screw them in the... oh, nevermind:

"Servicers should put a pause in some foreclosures until they can wait to see exact details of this as it moves forward. If after this we continue to get very little participation by servicers, I can guarantee you that the servicer industry will look very different a year from now than they do today. If after everything we do in this cooperative way falls short, then you are going to see legislation that puts some very real restrictions on the role of servicers and give many more rights to the borrowers," Frank continued.

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