House Panel Approves Mortgage Reform Bill

use Financial Services Committee has approved [link=][u]H.R.1728[/u][/link] – the Mortgage Reform and Anti-Predatory Lending Act of 2009 – by a vote of 49- 21. Touted as consumer protection legislation, the bill encourages the market to move back toward making fixed-rate, fully documented loans, and it would make the secondary mortgage market responsible for complying with these standards when they buy loans and turn them into securities. ‘I'm excited that we are moving forward to try to stop the kinds of predatory and irresponsible mortgage loan practices that led to the credit and economic meltdown we are now experiencing," says Rep. Mel Watt, D-N.C., one of the bill's authors. "If we had passed this law years ago when Brad Miller and I started introducing this legislation, perhaps we wouldn't be in the mess we're in today. But it's better late than never." SOURCE: House Financial Services Co


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