Bernanke gives green light to Frank foreclosure bill

By Greg Robb, MarketWatch

Last update: 10:06 p.m. EDT May 5, 2008

WASHINGTON (MarketWatch) -- Federal Reserve Chairman Ben Bernanke gave the green light Monday to congressional efforts to prevent foreclosures of homeowners caught in the recent sharp nationwide decline in home prices.

"Finding ways to avoid preventable foreclosures is a legitimate and important concern of public policy," Bernanke said in a speech at the Columbia School of Business in New York.

Legislation to aid strapped homeowners is making its way through the House of Representatives.

The bill has been pushed by House Financial Services Committee Chairman Barney Frank, D-Mass