| House Addresses Mortgage Crisis
Thursday, November 15, 2007
 Printable Format
Washington, D.C. – House Majority Whip James E. Clyburn today released the following statement regarding passage of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007.
“Today, the House passed legislation that aims to curtail the misfortunes suffered by many American homeowners victimized by our nation’s subprime mortgage crisis and under-performing housing markets. The Mortgage Reform and Anti-Predatory Lending Act is a commonsense bill that seeks to remedy some of our nation’s housing woes.
“This legislation instructs the Secretary of Housing and Urban Development to issue regulations that prohibit mortgage lenders from encouraging homebuyers to accept loans that are not in their best interests. Furthermore, this reform package requires creditors to determine, based on verified and documented information, whether a consumer has a reasonable ability to repay a mortgage loan, according to its terms, and all applicable taxes, insurance, and assessments.
“This New Direction Congress is working to positively reverse the fortunes of those homeowners who have been adversely impacted by foreclosures and depreciating home values. Owning a home is a signature element of the ‘American Dream’ and Congressional Democrats are committed to ensuring that this ‘Dream’ is accessible and obtainable for all hard-working families.”
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