Subprime Lenders Need More Regulation: Lawmakers

Law360, New York (April 11, 2007, 12:00 AM EDT) -- The federal government should step up regulation of home loan lenders and enact an anti-predatory law to prevent a repeat of the sub-prime mortgage crisis, Democratic lawmakers said Wednesday.

Mortgage brokers and loan officers not subject to bank regulatory standards should be caught in a federal net which would mandate licensing and minimum education standards, a report by the Joint Economic Committee has recommended.

Other policy options include increasing federal aid for local foreclosure prevention programs, estimated at a cost of $3,300 per household, and strengthening...
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