Frank: Single Entity for Loan Assistance
Home owners behind in their mortgage payments shouldn’t think that investigations into lender paperwork flaws will bail them out of their financial troubles, U.S. Rep Barney Frank, a Massachusetts Democrat, said Thursday during a House Financial Services subcommittee hearing.

Frank, who is losing his seat as chair of the committee, is pushing for establishing a single entity to make decisions about home owner loan assistance instead of allowing multiple interests to hold up the process.

“There should not be important decisions that need to be made in the private sector and no one has the authority to make them,” Frank said. “We have a tangle that is very daunting.”

Source: Associated Press, Alan Zibel (11/18/2010)