WASHINGTON — The House last night passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915) with some amendments but not a key one for credit unions.
The legislation passed by a vote of 291 to 127. Though 64 Republicans voted in favor of the bill, including House Financial Services Committee Ranking Member Spencer Bachus (R-Ala.), all of the nay votes were Republicans.
NAFCU has been lobbying in favor of exempting prime loans from the bill's requirements. An amendment that would have accomplished this failed on the House floor by a vote of 172-249. Both groups questioned the logic of requiring registration of federally regulated mortgage lenders, such as credit unions, but that provision of the bill remained in tact.
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"Innovations in the mortgage industry in themselves are good and useful, but were conducted in such a complete unregulated manner and led to this crisis," Financial Services Committee Chairman Barney Frank (D-Mass.), who co-sponsored the bill, said. He applauded the core, bipartisan group who worked on the mortgage reform bill.
"This legislation achieves two very important goals: implementing reforms that will help protect consumers from predatory lending practices, and preserving working Americans' access to consumer credit," Bachus stated.
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