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Bill Introduced In Congress To Curb Lending Abuses

Law360 (October 22, 2007, 12:00 AM EDT) -- The chair of the House Committee on Financial Services introduced legislation Monday that could open the door to a wave of consumer lawsuits against companies that securitize mortgages and loan originators that fail to meet the proposed bill’s standards.

Rep. Barney Frank (D-Mass.) and two other congress members drafted H.R. 3915, titled “The Mortgage Reform and Anti-Predatory Lending Act of 2007,” in an effort to repair the faltering mortgage industry in the wake of the recent subprime debacle. If passed, the bill will change the way...
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