Conference Committee To Take Up Mortgage Reforms

Posted by Orb Staff on June 22, 2010 No Comments
Categories : Residential Mortgage

use-Senate Conference Committee on financial reform turns its focus to mortgage-related issues this week, including consumer financial protection, anti-predatory lending provisions and risk retention. Rep. Barney Frank, D-Mass., who is leading inter-chamber talks on the legislation, has released the House's proposals amendments for the ‘base texts’ found in the bill. Frank has agreed to the Senate proposal to house the Consumer Financial Protection Bureau within the Federal Reserve. On the foreclosure front, Frank is looking to add provisions that include mortgage relief for unemployed borrowers, greater assistance to the Neighborhood Stabilization Program and legal assistance for borrowers facing foreclosure. Frank is also proposing to strike a Senate provision that would allow ‘qualified mortgages’ (i.e., 30-year, fixed-rate) to fall outside risk-retention requirements for originators. Another proposal from the House would add a sunset provision to the Home Valuation Code of Conduct that took effect last year. To read the entire list of proposed amendments, click [link=http://www.house.gov/apps/list/press/financialsvcs_dem/pressCFPA2_06212010.shtml]here[/link]. SOURCE: [link=http://www.house.gov/apps/list/press/financialsvcs_dem/pressCFPA2_06212010.shtml]House Financial Services Committee

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