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12/09/07
Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 1:54 pm

Washington, DC - The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to 19.  H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers.  The legislation will also expand and enhance consumer protections for “high-cost loans,” will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development.  More…

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