"We must not undermine the progress we have made," says Ken Edwards
Today, the House of Representatives will vote on the so-called "Mortgage Choice Act" – a bill that would threaten the safety of home loans and leave consumers vulnerable to excessive fees. These fees, according to the Center for Responsible Lending, would upset the careful balance struck by the Consumer Financial Protection Bureau in creating the new mortgage rules designed to protect consumers from the irresponsible lending practices that contributed to the recent housing crisis.
"It's deeply concerning how quickly we forget the devastating impact that abusive lending practices had on the housing market and the larger economy," said Kenneth W. Edwards, Vice President of Federal Affairs at the Center for Responsible Lending. "Countless houses lost, innumerable families affected – and after a long, hard-fought battle to pass the necessary reforms to protect our homes, we find ourselves here again."
The Mortgage Choice Act of 2013 would amend the mortgage rules established by the Consumer Financial Protection Bureau as directed by the Wall Street reform and Consumer Protection Act. Specifically, the bill would allow the fees from affiliated title companies to be exempt from the fee limits in the definition of a Qualified Mortgage.
For more information, contact Catherine An, 202-349-1878 or catherine.an@responsiblelending.org