WASHINGTON — A top House Democrat on Friday urged the nation's largest banks to embrace the Obama administration's new efforts to reduce foreclosures and vowed to press them on the issue next month.
Rep. Barney Frank of Massachusetts, the chairman of the House Financial Services Committee, said executives from Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. will be able to "explain how they are working with it" at an April 13 hearing.
Administration officials, who have been roundly criticized for their efforts to stem foreclosures, on Friday unveiled an expanded plan aimed at helping some homeowners who owe more than the current value of their homes or are recently unemployed.
"It must be emphasized that this is important not just for those who are themselves facing foreclosure, but for the broader economy because this wave of foreclosures has had a general negative effect," Frank said in a statement released by his office.
