Chairman Barney Frank On Mortgage Reform
Posted on June 8, 2009
Filed Under Mortgage Lending |
Today, the House will vote on the Mortgage Reform and Anti-Predatory Lending Act, H.R. 1728. The bill responds to the subprime mortgage crisis by instituting much needed reform to prevent these bad loans from being made in the first place. It stops the kinds of predatory and irresponsible mortgage loan practices that played a major role in the current financial and economic meltdown and prevents borrowers from deliberately misstating their income to qualify for a loan.
These long overdue reforms, which Democrats have been advocating since 1999, perhaps could have prevented the current crisis.
To restore the integrity of mortgage lending industry, this bill will make sure that the mortgage industry follows basic principles of sound lending, responsibility, and consumer protection.
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Barney is the …
Barney is the architect and general contractor behind the bank fraud. He took lobby ca$h to craft the laws allowing the bankers to rape and pillage, then he stood by and did nothing while they looted!