Dodd On Mortgage Reform Bill: Not At This Time

Posted by Orb Staff on May 13, 2009 No Comments
Categories : Residential Mortgage

hris Dodd, D-Conn., chairman of the Senate Banking, Housing and Urban Affairs Committee, is playing down the possibility that legislation to overhaul the mortgage industry would be introduced in the Senate in the near future. The legislation, officially known as the Mortgage Reform and Anti-Predatory Lending Act of 2009, passed in the House of Representatives on May 7 with a 300-114 margin. According to CQPolitics.com, Dodd believes the legislation would not find traction in the Senate at this point. ‘There isn't a lot of predatory [mortgage] lending going on right now, so while it would certainly plug a hole, these other issues I'm grappling with are current issues,’ he says. Dodd adds that he was ‘envious’ of the speed in which the House pushed its legislation through. ‘That will be a controversial bill, so you need time to work that and listen to your colleagues,’ he says. ‘I'll eventually get to it.’ SOURCE: CQPolitic

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