Frank Says Democrats Will Likely Include FHA Bill in Stimulus

[moh malekpour]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aQLr0BUenJzE&refer=home

Frank, the chairman of the House Financial Services Committee, said today in a telephone interview it's ``very likely'' legislation to overhaul the Federal Housing Administration will be part of the $140 billion to $150 billion plan for jumpstarting the U.S. economy amid increasing signs of a recession. The measure would help homeowners refinance mortgages to keep from losing their homes, Frank said.

``You would not ordinarily think of a bill to restructure the operations of the Federal Housing Administration as stimulative, but in this case it is because we're talking about foreclosure avoidance,'' said Frank, a Massachusetts Democrat.