federal housing administration: Curtailing Subprime Lending in Congress - 05/01/07 09:28 AM
Legislation aimed at limiting the reach of subprime lenders was introduced into Congress on Friday.
The Predatory Lending Practice Reduction Act of 2007 calls for federal certification of mortgage brokers and agents and harsher penalties for violations.
"Predatory lending is a leading cause of foreclosures across this country," said U.S. Rep. Stephanie Tubbs Jones (D-Ohio), who introduced the bill. "It compromises the opportunity to own a home and hinders economic stability, creating greater disparities in wealth."
Forclosure or failed mortgages will strike more than 2 million American homeowners in the subprime market by the year's end, according to the Center for Responsible Lending, a … (5 comments)
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federal housing administration: Expanding the American Homeownership Act - 04/06/07 02:20 PM
A year after its defeat in the Senate, a bill that would reform the Federal Housing Administration was reintroduced late last month in the U.S. House of Representatives.
The “Expanding the American Homeownership Act” would ease down payment requirements and increase loan limits for would-be home buyers. The same measure passed the House last summer but fell to defeat in the Senate. Undeterred, U.S. Rep. Judy Biggert, R-Ill., introduced the bill March 29.
“Foreclosures in the sub-prime market are on the rise and too many Americans are in the red,” the congresswoman told Reuters. “My bill will give low- and moderate-income … (1 comments)
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