New Details Emerge Regarding Congressman Barney Frank’s Proposed Amendments to Federal Mortgage Laws
On October 22, U.S. Representative Barney Frank (D.-Mass.), chairman of the U.S. House Financial Services Committee, announced new details of his proposed bill, H.R. 3915, which would make significant changes to the Truth in Lending Act and is designed to address what he claims are abusive lending practices responsible for the dramatic rise in mortgage foreclosures in some parts of the country. The bill calls for close federal supervision of mortgage brokers, who have become the predominant providers of sub-prime loans allegedly responsible for the foreclosure crisis. mcf_2007_View full article (PDF).