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Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will hold a hearing on Thursday, April 23, at 10:00 a.m. to discuss H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009. The bill, introduced last month by Reps. Brad Miller (D-NC) and Mel Watt (D-NC), is aimed at curbing predatory lending, which has been a major factor in the highest home foreclosure rate in the nation in 25 years.
H.R. 1728 is a tougher version of a similar measure sponsored in the previous Congress by Reps. Miller and Watt that would have overhauled mortgage regulations to prevent another subprime mortgage meltdown. The House approved the bill in 2007 with bipartisan support, but it was never passed by the Senate.
The Washington Post’s housing columnist Ken Harney recently described H.R. 1728 in the following way: “Had the same rules and standards been in place earlier in the decade, congressional supporters say, it could have eliminated much of the funny-money loans, slipshod underwriting and Wall Street abuses that distorted the market from 2002 through 2006. The boom wouldn't have been as big, and the bust might not have happened.”
Click Here to View H.R. 1728
Click Here to View a Summary of H.R. 1728
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