Mortgage Reform Bill Passed by the House
"We commend the House of Representatives and the House Financial Services Committee Chairman Barney Frank, along with lead sponsors, Reps. Mel Watt and Brad Miller, on the passage of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act. At its core, this legislation provides that mortgage lenders may only make mortgages that a consumer can afford to repay. While that might seem like basic common sense, today's mortgage crisis was caused by lenders making and refinancing loans with the sole goal of short-term gain rather than long-term sustainability. "H.R. 1728 includes many