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WASHINGTON (AP) - The chairman of the House Financial Services Committee says an effort to let bankruptcy judges rewrite mortgages for strapped borrowers won't make it through Congress this year.
Massachusetts Democrat Barney Frank told The Associated Press in an interview that the only thing lawmakers can do to get lenders to work with struggling homeowners rather than letting them slip into default is to threaten them with tougher regulation in the future.
Frank predicted that Democrats running Congress and President Bush will agree this year on a broad housing package that could help hundreds of thousands of struggling homeowners get into lower-cost, government-backed loans.
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