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"I believe this is a grave error," said former Rep. Barney Frank, disagreeing with regulators' proposal to create a "qualified residential mortgage."

Barney Frank Rejoins the Fray in Defense of Reform Law

The Massachusetts Democrat unsurprisingly defended the financial reform law, yet also indicated he disagreed with regulators on implementation of some elements and a push by Sen. Elizabeth Warren to restore Depression-era rules separating banking from other industries.

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