House Debates Subprime Industry Regulation

Law360, New York (May 9, 2007, 12:00 AM EDT) -- Though Congressmen agree that there are problems with the subprime mortgage industry, they have different ideas about how to tackle them, as evidenced by the debate at Wednesday’s meeting of the House Subcommittee on Financial Services.

At issue in the hearing was whether Congress should mandate that firms that package and sell mortgage loans as securities should be held liable as a means of ensuring that the loans are not predatory.

Democrats have pushed for stricter oversight of the industry, and while Republican committee members agree...
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