Mortgage Reform Bill To Face Stiff Opposition

Law360, New York (October 23, 2007, 12:00 AM EDT) -- Recently introduced legislation aimed at reforming the mortgage industry that would allow consumers to sue mortgage securitizers for bad loans will likely face stiff opposition from mortgage lenders, Wall Street firms and other interest groups, attorneys say.

On Monday, Rep. Barney Frank (D-Mass.), chair of the House Financial Services Committee, introduced 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 mortgage market downturn.

The proposed bill will significantly...
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