Mortage Market Reform Bill Passes House Subcommittee

Law360, New York (December 15, 2011, 5:17 PM EST) -- A sprawling housing reform bill intended to be a rubric for a purely private secondary mortgage market was passed by a U.S. House of Representatives financial services subcommittee Wednesday, clearing the way for the bill to be taken up in committee.

Introduced by Rep. Scott Garrett, R-N.J., the Private Mortgage Market Investment Act would among other things introduce significant standardization and uniform rules for mortgage securitization and mitigate existing conflicts of interest between servicers and investors.

The bill was passed in an 18-15 vote by the...
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