House Passes Mortgage Reform Bill to Curb Predatory Lending

摘要

The House passed a broad mortgage reform bill (H.R. 1728) May 7 that is intended to strengthen consumer safe-guards, curb predatory lending practices, and protect tenants in foreclosed homes.rnThe bill would also expand consumer protections for high-cost loans under the Home Ownership and Equity Protection Act (HOEPA), provide stronger standards for the independence of appraisers, and establish an Office of Housing Counseling at HUD.rnThe vote on final passage was 300-114, after several floor amendments were adopted. (For background, see Current Developments, Vol. 37, No. CD-9, p. 275.)rnThe bill would establish new federal affordability and benefit standards for residential mortgage loans.