Panel OKs Mortgage Reform Bill, To Banks' Chagrin

Law360, New York (November 7, 2007, 12:00 AM EST) -- In an effort to stanch the damage done by the subprime meltdown, the House of Representatives' Financial Services Committee has approved its mortgage reform and anti-predatory lending bill in the face of mounting opposition from banks and lenders.

Introduced last month by committee chair Barney Frank (D-Mass.) along with Mel Watt (D-N.C.) and Brad Miller (D-N.C.), the bill would enact a minimum standard home-buyers must meet before they are issued loans, allow investors to sue mortgage securitizers for bad loans, require mortgage originators to be licensed...
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