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WASHINGTON (AP) - A key House lawmaker on Wednesday threatened to strip the Federal Reserve of its authority to write rules against abuses in the market for high-risk mortgages if the central bank did not act quickly to do so.
The remarks by Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, intensified the pressure from congressional Democrats on the Fed in recent months as mortgage delinquencies and foreclosures have surged.
If the Fed doesn't exercise its authority soon as the sole federal agency entitled to write regulations prohibiting unfair and deceptive mortgage practices, "then we'll find someone else who will," Frank said at a committee hearing.
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