“The Mortgage Reform and Anti-Predatory Lending Act is another step in Congress’ efforts to respond to the mortgage crisis facing our nation.  Increasing loan rates on subprime mortgages have left thousands of American families close to foreclosure, and this crisis has led to the worst slump in the housing market in 16 years.  The legislation on the floor today includes reforms that will help restore the housing market and protect consumers.

 

“The bipartisan Mortgage Reform Act will assist Americans working to own their own homes by protecting them from taking bad loans to begin with.  This comprehensive legislation will make sure that consumers only get loans that they are able to repay, and that they are protected from reckless lending practices.  In addition, this bill also strengthens oversight of the mortgage industry by requiring mortgage bankers and loan officers to be licensed or registered.

 

“This bill is only one in a series of steps Democrats have taken to strengthen the housing market and restore the confidence of homeowners.  We have passed legislation encouraging financial institutions to create more affordable mortgage options for those facing foreclosure, reforming the Federal Housing Administration so that it can offer more affordable loans to those at risk, and increasing affordable housing around the nation, among other measures. 

 

“Our action today further demonstrates our commitment to protecting homeowners and making the dream of homeownership possible for all Americans.”