WASHINGTON — The House Financial Services Committee reported out a bill that aims to prevent future mortgage-related abuses but has the potential to ensnare credit unions with additional regulatory burdens.
The Mortgage Reform and Anti-Predatory Lending Act of 2007, approved 45-19, would establish a licensing and registration system for mortgage originators, create a minimum standard requiring that borrowers have a reasonable ability to repay, and will attach a limited liability to secondary market securitizers.
Earlier last week, House Financial Services Committee Ranking Member Spencer Bachus threw his support behind the bill, which is co-sponsored by Chairman Barney Frank (D-Mass.)
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