WASHINGTON — The House Financial Services Committee reported out a bill that aims to prevent future mortgage-related abuses but has the potential to ensnare credit unions with additional regulatory burdens.
The Mortgage Reform and Anti-Predatory Lending Act of 2007, approved 45-19, would establish a licensing and registration system for mortgage originators, create a minimum standard requiring that borrowers have a reasonable ability to repay, and will attach a limited liability to secondary market securitizers.
Earlier last week, House Financial Services Committee Ranking Member Spencer Bachus threw his support behind the bill, which is co-sponsored by Chairman Barney Frank (D-Mass.)
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
