H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009
Published: April 23, 2009Download the complete testimony
Michael D. Calhoun
Date Filed: April 23, 2009
Congress has an opportunity to prevent another mortgage fiasco by passing stronger protections on home lending. Americans are clear about wanting more accountability throughout the lending chain: Two-thirds of voters surveyed said Wall Street should be accountable for buying loans that put borrowers at serious risk of foreclosure. And 84% believe mortgage brokers should have a legal responsibility to act in the best interest of their clients, just like investment advisers do today.
To find out more about the potential for new lending protections, read our recent testimony before the House Financial Services Committee.
In a letter to Congressman Barney Frank, CRL joins 10 other organizations in discussing the pros and cons of a bill designed to clean up the abuses that led to today's financial crisis.