The Mortgage Reform Act of 2007 goes to vote on the House floor Edit: Thursday (thanks PJ) today. It has bi-partisan support and is expected to pass in one form or another. We’ll keep an eye on its progress and note any significant changes or amendments as it comes to a vote.
From Market Watch:
Passed by the House Financial Services Committee on Nov. 6, the bill includes minimum standards for approving loans and some new liabilities on those who securitize risky mortgages. It would also prohibit lenders or brokers from “steering” borrowers into some loans.
Democrats like Rep. Barney Frank of Massachusetts, the panel’s chairman, say there is a national crisis to which lawmakers must respond.
More than 2 million subprime mortgages are expected to reset to higher interest rates in the next 18 months. The Bush administration says current trends suggest there will be just over 1 million foreclosures this year, with 620,000 of those in the subprime market.
Do you think it will go through as it came out of committee, or with some major changes?
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