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Thursday, November 8, 2007

House Committee Passes Mortgage Reform Bill

WASHINGTON -- Members of the House Financial Services Committee voted
to approve a bill imposing sweeping changes on the mortgage industry,
including minimum standards for approving loans and some new liabilities
on those who scrutinize risky mortgages.

Committee members OK'd the bill by a vote of 45 to 19. The bill would mandate licensing for mortgage brokers and bank loan officers and set a minimum standard for all mortgages stating that borrowers must have a reasonable ability to repay. The bill was introduced by Democrats Barney Frank, Mel Watt and Brad Miller. Frank, of Massachusetts, is the committee's chairman.

This may hurt consumers by raising their costs for home loan financing, decrease competition, and give consumers less options for financing their homes.

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