House Committee To Hold Hearing On Mortgage Reform

Posted by Orb Staff on April 17, 2009 No Comments
Categories : Residential Mortgage

use Financial Services Committee will hold a hearing on Thursday, April 23, at 1:00 p.m. to discuss H.R.1728 – the Mortgage Reform and Anti-Predatory Lending Act of 2009. The bill, [u][link=http://www.mortgageorb.com/e107_plugins/content/content.php?content.3247]introduced last month[/link][/u] by Reps. Brad Miller, D-N.C., and Mel Watt, D-N.C., is aimed at curbing predatory lending. H.R.1728 is a tougher version of a similar measure sponsored in the previous Congress by Miller and Watt that passed the House with bipartisan support in 2007 but was never passed the Senate. The current bill bans yield-spread premiums that could cause brokers and loan officers to direct borrowers toward ill-fitting mortgage products. In an effort to make originators more responsible for the loans they underwrite, H.R.1728 would also tie originators with loan documents using an identifier that is unique to the originator, according to a [u][link=http://www.house.gov/apps/list/press/financialsvcs_dem/summary_of_hr_1728_–_03_26_09.pdf ]bill summary[/link][/u] posted online by the House committee. SOURCE: House Committee Financial S

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