skip to main contentskip to popular page linksskip to main navigation links
Office Hours Program Social Security Calculator Translate this page into another language
photo of Mike Capuano Michael E. Capuano representing the 7th district of Massachusetts in the U.S. House of Representatives Go to the House of Representatives homepage
Visit Mike's video channel on YouTube Like Mike on Facebook

 

 Mike's Schedule Voting Record District Maps Register To Vote FAQ Site Map e-Updates

An update from the office of
U.S. Representative Michael E. Capuano
8th Congressional District of Massachusetts

Congressman Capuano's
E-UPDATE

Thanks for signing up to receive this periodic correspondence. We hope you find the information useful. As always, let us know if you have any questions, comments or concerns. Office contact information is provided at the end of this e-mail.

This is an unattended mailbox. Please do not reply directly to this e-mail. Instead, if you wish to e-mail us, please use the Write Your Rep account at http://www.house.gov/capuano/contact.


May 8, 2009

Mortgage Reform

Yesterday the House considered H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act. This measure puts an end to many of the practices that contributed to the rise in foreclosures. It requires lenders to actually certify that a potential borrower can repay the loan they are seeking. Stunningly, this obvious step was not always taken, resulting in loans that were made without income documentation and mortgages given in excess of some borrowers' ability to repay. The bill eliminates financial incentives that enabled some lenders to make profits by placing people in costlier mortgages than they could afford.

We have also seen an explosion of home loans that were sold, resold, sliced into pieces and sold again, making it almost impossible to determine who is responsible for making sure that the loan is still sound. H.R. 1728 brings accountability to this secondary mortgage market.

H.R. 1728 includes a number of consumer protections, from prohibiting excessive fees for loan modifications and late payments, to requiring that lenders tell borrowers more about the terms of their loan, such as the most someone would pay with a variable rate mortgage. The bill recognizes that renters are also at risk as a result of the housing crisis. It protects tenants if the home they are renting is subject to foreclosure, giving them up to 90 days to relocate if the unit is their primary residence. I have been advocating for this tenant protection for some time and am pleased that this piece of the housing puzzle was included in the package.

I voted YES. H.R. 1728 passed and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
DEMOCRAT

240

3

0

12

REPUBLICAN

60

111

0

7

TOTAL

300

114

19

7

MASSACHUSETTS
DELEGATION

10

0

0

0

Financial Fraud Enforcement

This week the House also passed S. 386: Fraud Enforcement and Recovery Act. This legislation provides the Justice Department with additional tools to combat fraud related to the Troubled Asset Relief Program (TARP) and recovery funds. It updates the federal fraud statute to include TARP, recovery funds and mortgage-lending businesses. It provides additional funds for the FBI and other agencies to investigate mortgage and financial fraud.

It also establishes a Financial Markets Inquiry Commission which will study all of the issues leading up the current economic crisis in an effort to better understand how we got where we are today. Ten independent experts will be appointed to the Commission, which will be required to issue a report to Congress by December 15, 2010. I voted YES. S. 386 passed in the House and the entire vote is recorded below:

  YEA NAY PRESENT NOT VOTING
DEMOCRAT

250

0

1

4

REPUBLICAN

117

59

0

2

TOTAL

367

59

1

6

MASSACHUSETTS
DELEGATION

10

0

0

0

Hedge Funds

This week the House Committee on Financial Services held a hearing on hedge funds which included a discussion about H.R. 711: The Hedge Fund Advisor Registration Act, a bill I filed with Rep. Mike Castle (R-DE). The bill would close a loophole created in the Investment Advisors Act of 1940, which exempts hedge fund managers from registering with the Securities and Exchange Commission (SEC) if they have fewer than 15 clients. Our bill requires all hedge fund managers to register with the SEC so that their actions on behalf of investors are transparent.

I have long advocated this simple step as a way to better understand how hedge fund managers are operating, and how they are investing the resources of their clients. The hearing focused on identifying ways to provide simple and balanced hedge fund transparency. This type of regulation is not about the 95% who do the right thing; it's about being able to watch out for the 5% who might cross the line.

What's Up Next

Next week the House is expected to consider several bills, including the Fiscal Year 2009 War Supplemental Appropriations Bill.


Congressman Mike Capuano
8th District, Massachusetts
Committee on Transportation and Infrastructure
Committee on Financial Services
Committee on House Administration

District Offices:

110 First Street, Cambridge, MA 02141
and
Roxbury Community College, Campus Library, Room 211

District Office Phone:

(617) 621-6208

DC Office:

1414 Longworth Building, Washington, DC 20515

DC Office Phone:

(202) 225-5111

Website and e-mail:

www.house.gov/capuano


We welcome feedback on our e-updates. Please let us know what you think of this service by e-mailing the office via our website at http://www.house.gov/capuano.


You have received this e-mail because you subscribed to Rep. Capuano's E-Mail Updates authorizing Rep. Capuano to send your inbox periodic e-mail updates from his Congressional office.

PRIVACY POLICY: Your e-mail address will not be shared with anyone else or sold in any way. To read the complete privacy policy, visit: http://www.house.gov/capuano/privacypolicy.shtml.

UNSUBSCRIBE: if you would like to unsubscribe from this newsletter, you may do so at this address: http://www.house.gov/capuano/e-updates/unsubscribe.shtml.



8,285 subscribers

 

 

 

NEWS & MULTIMEDIA

 

Privacy Policy

To protect your privacy, subscriptions to Rep. Capuano's E-Updates are subject to our Privacy Policy.

 

Bill Search

Use the THOMAS search engine to search bills from the 113th Congress.

 

i.e "hres 142"

 

i.e "health care"

 

Newspapers

 

News Services

Here are some informative online news services to help you find reports from Boston and the region, as well as national and international news stories.

 

Home | About | Biography | Contact | Issues | Links | News | Schedules | Services

E-Updates | Site Map | Privacy Policy | Accessibility

110 First Street
Cambridge, MA 02141
P: (617) 621-6208
F: (617) 621-8628
Hours

Roxbury Community College
Campus Library
Room 211
Boston
Hours

Stetson Hall
Room 124
6 South Main Street
Randolph
Hours

  Constituent Services Click to close menu
  Casework and Constituent Assistance
  Citizenship/Naturalization Information
  Immigration Casework
  Ordering Flags Flown Over The Capitol
  Presidential Greetings
  Tours
  U.S. Service Academy Nominations
  Internship Programs
  Washington, D.C. Attractions
  Grants and Federal Domestic Assistance
  FAQs
  News and Multimedia Center Click to close menu
  e-Updates
  Recent Votes
  Press Items
  Video and Audio
  Photo Gallery
  Legislative Issues Click to close menu
  Mike on the Issues
  Recent Votes
  Mike's Voting Record
  Scorecards for Mike's Votes in Congress
  Legislation Sponsored by Mike
  Earmark Requests
  Committees and Caucuses
  Ethics Task Force
  Congressional Schedules Click to close menu
  Mike's Schedule
  House Floor Summary
  Weekly House Schedule
  Annual House Calendar
  Weekly Senate Schedule
  About The 7th District Click to close menu
  Maps
  Cities
  Demographics
  The 7th District Over the Years
  Nobel Prize Winners
  Interesting facts about Massachusetts
  Massachusetts Links
  Links Click to close menu
  Massachusetts Links
    State Government
    About the 7th District
    Arts, Culture and Attractions
    Chambers of Commerce
    Colleges and Universities
    Exploring Massachusetts
    Hospitals and Health Organizations
    Newspapers
    Sports

  Federal Government Links
    USA.gov - Official Government Portal
    Legislative Branch
    Executive Branch
    Judicial Branch
    Federal Agencies
    Kids' Pages
    Register to Vote
    Washington, D.C. Attractions
    Business Opportunities with the Government

  Links For Students
 
  Contact Mike Click to close menu
  District Office
  Washington, D.C. Office
  Office Hours Program
  Community Meetings
  E-mail Mike's Office