Mortgage Reform Bill Passes the House – Sweeping Changes to Federal Regulation Are on the Horizon
On November 15, 2007, by a vote of 291-127, the House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2007 (“H.R. 3915”). Broad bipartisan support for the bill — 100 percent of Democrats and 67 percent of Republicans — ensures that sweeping changes to federal regulation in this area are a virtual certainty. The Senate is also expected to introduce a mortgage reform bill in the coming weeks. While the impending Senate bill and negotiations with the White House will likely produce some changes to this pending legislation, the key features of the House bill, outlined below, indicate the direction that it will take. View full article (PDF).