U.S. Rep. Barney Frank will comment on collapse of Tucson-based First Magnus
U.S. Rep. Gabrielle Giffords will hold a press conference Friday with U.S. Rep. Barney Frank, chairman of the House Financial Services Committee.
The committee oversees all components of the nation’s housing and financial services sectors, including banking, insurance, real estate, public and assisted housing, and securities. Frank will discuss the collapse of First Magnus Financial Corp., the Tucson-based national mortgage lender that recently suspended operations, fired most of its 6,000 employees and filed for bankruptcy.
Frank, a 14-term lawmaker from Massachusetts, announced Monday that his committee will hold a hearing on Sept. 5 to examine the current crises in the credit and mortgage market. Frank is visiting Tucson at Giffords’ request.
WHAT: Press conference with U.S. Rep. Gabrielle Giffords and Barney Frank
WHEN: 10:45-11 a.m.
WHERE: Elle Restaurant, 3048 E. Broadway