H.R. 3915, Mortgage Reform and Anti Predatory Lending Act Will Rein in Mortgage Abuse,
Protect Consumers, Restore Confidence in Housing Market
I was pleased to support H.R. 3915, “The Mortgage Reform and Anti-Predatory Lending Act,” which passed the house by a vote of 291- 127. The bill contains a key amendment that I authored that would limit excessive fees and points charged to home owners.
The bill is a major step in Congress’ efforts to respond to the mortgage crisis facing our nation. Increasing loan rates on subprime mortgages have cost thousands of Americans their homes and left many other families close to foreclosure. This crisis has led to the worst slump in the housing market in 16 years. The new legislation, which earned bipartisan support, will make sure that consumers only get loans that they are able to repay, and that they are protected from reckless lending practices. In addition, this bill also strengthens oversight of the mortgage industry by requiring mortgage bankers and loan officers to be licensed or registered.
Besides making lenders responsible for knowing if borrowers can repay loans, the bill would prohibit excessive fees for payoff information or late payments, the financing of points and fees and practices that increase the risk of foreclosure, like balloon payments and encouraging borrowers to default.
The number of homes involved in foreclosure proceedings nationwide almost doubled in the third quarter of this year when compared with 2006, and more than two million adjustable-rate mortgages are scheduled to reset by the end of 2008.
H.R. 3773, the RESTORE ACT,
Protects Privacy Rights While Defending America
I was pleased to help pass H.R. 3773, the RESTORE Act, a critical national security bill that gives the intelligence community the tools it needs to protect our country while upholding constitutional protections for all Americans.
The RESTORE Act updates the Foreign Intelligence Surveillance Act (FISA) and provides additional assistance to those federal agencies charged with tracking down terrorists, weapons proliferators, and spies. The legislation is carefully crafted to strengthen our surveillance efforts while at the same time protecting innocent Americans from warrantless eavesdropping.
Specifically, the bill eliminates the requirement for individual court orders for non-US persons outside the United States, while requiring FISA orders for Americans. H.R. 3773 also grants the Attorney General the authority to apply to the FISA Court for a block order to conduct surveillance on large groups of foreign targets for up to one year.
Congress Passes Five-Year Extension of
Project Head Start
On Wednesday, Congress passed a five-year extension of Head Start, the very effective preschool program that helps prepare 900,000 at-risk children to succeed in school. H.R. 1429 passed the House by an overwhelming bipartisan majority of 381-36. Hours later, the Senate approved it unanimously.
Project Head Start was created in 1965 as an eight-week summer program providing classes and healthcare for disadvantaged 3-4 year olds. It has since reached 24 million children. And today, Head Start’s vital mission remains the same, to help our most vulnerable children succeed in school and in life.
The bill provides $7.35 billion for fiscal year 2008 including funds to add 8,000 toddlers to the Early Head Start program for children under age 3. It also promotes participation of homeless and migrant children as well as children who are disabled.
