New Bill Targets Subprime Lenders' Unfair Practices

Law360, New York (July 12, 2007, 12:00 AM EDT) -- A new bill that targets predatory practices in the subprime lending industry was introduced Thursday in the House Financial Services Committee, following months of vigorous debate among lawmakers.

The Fair Mortgage Practice Act is meant to address a nationwide wave of foreclosures on mortgages, which many lawmakers have blamed on unscrupulous lenders. It was introduced by Spencer Bachus, a ranking member of the commitee, and Ohio Republican representatives Paul Gillmore and Deborah Pryce, who first proposed the bill.

“Homeownership should remain the American dream, not a...
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