Washington Post (07/25/08) P. D2
Loan servicers will consider a call by Rep. Barney Frank, D-Mass., to avoid initiating proceedings against delinquent borrowers until a new foreclosure-prevention program takes effect, according to Mortgage Bankers Association lobbyist Erick Gustafson. A provision of the rescue package that the House passed this week, the program would provide as many as 400,000 struggling borrowers with more affordable loans backed by the federal government. It would become effective on Oct. 1 if the housing bill is passed by the Senate and signed by President Bush. Frank, chairman of the House Financial Services Committee, previously had said the program would take effect immediately.
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