Madam Speaker, I rise in support of the Mortgage Reform and Anti-Predatory Lending Act, which will bring greater transparency to lending practices nationwide.  The housing market is under significant stress, and many families cannot keep pace with ballooning mortgage payments. 

Unconventional mortgages have left countless Americans facing foreclosure.  Unless we act soon, millions more may lose their homes.  With this bill, we combat unscrupulous lending practices and bring transparency to the process by requiring mortgage originators to be licensed and mandating full disclosure of loan terms.  Perhaps most importantly, mortgage originators must certify that consumers have a reasonable ability to pay back loans and that they are not predatory in nature.  We have seen too many lenders steer consumers into loans they cannot afford.

This measure will address persistent problems in the housing market and bring financial stability to families.  I thank Chairman Frank for his leadership, and I urge support for the bill.