Blogland is talking about the mortgage lending mess (here, here and here) that we are facing in this country and the need for reform in the biz. There is legislation make its’ way through the House with an expected vote tomorrow that would help. It is not perfect – is legislation ever perfect? But, it would bring some fairness and transparency to the mortgage lending industry. There are some forces that are looking to use this opportunity to eliminate even better and stronger consumer protection laws at the state level, which would hurt would be homeowners in those states.
Congress should beat back proposals to water down H.R. 3915 and this bill should move things forward, not backwards. We’ll watch tomorrow and see if they do the right thing. The status quo is untenable for America’s families, hopefully our leaders will make the right move on this one.
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