Rep. Frank - Mortgage Reform and Anti-Predatory Lending Act

The House debates the Mortgage Reform and Anti-Predatory Lending Act of 2007. The bill is aimed at curbing predatory lending, which has been a major factor in the highest home foreclosure rate in the nation in at least 25 years. A key element of the legislation ensures that lenders will be responsible for underwriting loans that consumers have a reasonable ability to repay while prohibiting practices that increase the risk of foreclosure for consumers. The bill also mandates that all mortgage lenders are licensed and registered under state or federal law. The legislation also protects consumers from being steered into loans that aren't in their best interest, and if they refinance there must be a tangible benefit to the consumer. Financial Services Chairman Barney Frank speaks during debate on the rule.

Category:

News & Politics

Tags:

• Democrats
• Subprime
• Mortgage
• Reform
• and
• Anti-Predatory
• Lending
• Act

[1shabuti1]

Barney Rubble

[davea0511]

Ummmm ... did I just hear him say it was a bi-partisian ammendment? That "much" of it came from a "significant" number of republicans?

He's sure changed his tone now.

Incidentally the regulation was only needed because the Democrats had sculpted Fannie Mae and Freddie Mac into such powerful predatory lending institutions. - it's no wonder why Obama received $32K per year in contributions from these agencies while McCain only received $1K per year.

[msanchez007]

Even if a state has a ceiling on the amount of closing costs a loan can have, Banks can go higher than that and they usually do.

We do not need more regulation. We have enough. We have become so acustomed to be regulated that we need a permit for everything, signed in triplicates, and notorized. WTF!?

[msanchez007]

Did he just say that originators from Banks haven't been the problem? What an ignorant statement. Does he have real people gathering his facts or does he use Banks for this?

Every State has regulations, and it's really tough to comply with them, and I mean really tough. Guess who is not regulated by state regulations? Bank and thier employees, yes even though in NJ the state has a "no prepayment" law, Banks can put prepayments anyway, because they are Banks.

[msanchez007]

Yes thanks for Barney for fucking it up even more.

Thanks for Barney for still trying to pass this absurd bill.

The lenders have already almost eliminated sub-prime, 100+ subprime lenders have closed. So if the market has corrected itself and is still correcting itself, why do we need this law?

[liveleaker]

I wuv Bwarney Fwank!

[liveleaker]

Stop being such a noob. There's plenty of blame to go around on this, but to lay it entirely on the GOP's doorstep is just plain old ignorant.

[awreslr2]

Thanks to the Democrats and to Barney Frank for acting on this! Of course, the Republicans just let this happen over the past few years!