Loss Mitigation

Frank Proposes $300 Billion to Fund Short-Refis 

House Financial Services Committee Chairman Barney Frank on Thursday announced new legislation that represents Capitol Hill’s latest attempt to stem a significant rise in mortgage foreclosures. Under the proposed plan, the Federal Housing Administration would receive $300 billion — $150 billion over each of the next two years — to insure and guarantee refinanced mortgages that have been significantly written down by mortgage holders and lenders.