Rep. Frank - Mortgage Reform Motion to Recommit

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 mocks the Republican Motion to Recommit the bill.

Channel: News & Politics
Uploaded: November 15, 2007 at 11:02 pm
Author: NancyPelosi

Length: 04:14
Rating: 5.00
Views: 376

Tags: Act  and  Anti-Predatory  Democrats  Lending  Mortgage  Reform  Subprime  

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