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Treasury Assistant Secretary Michael Barr says the principal-reduction program is voluntary, not mandatory, and that there's no guarantee homeowners will not default on the new refinanced loans. "We don't want to be overly optimistic about that," said Barr during a briefing on Friday. "Modifications are hard - they're done for people who are struggling with their mortgage, and so you expect a lot of people not to make it - and a lot of people won't make it." However, he says two-thirds of the people in the government's present loan-modification program are current...
Minow’s comprehensive view of law and society will be an asset to the board, according to Stephen Barr, the corporation’s director of media relations...
...board, which changes with each presidency, is comprised of 11 members, six of which can be members of the current administration’s party. “The board strives to be a bipartisan body that works by consensus,” Barr said...
...current board members are a mix of academics and practitioners. Barr said he assumes the White House “looks at people who are interested in legal aid to the poor in drawing up the board...
Though the board, which meets throughout the year and is expected to oversee all of the corporation’s work, requires a significant amount of time, Barr said he believes the new committment will not affect Minow’s ability to fulfill her duties...