House Approves Mortgage Lending Reform Bill

Law360, New York (November 16, 2007, 12:00 AM EST) -- Faced with the ever-growing subprime mortgage crisis, lawmakers have taken steps to introduce a series of reforms to the ailing mortgage industry. The House of Representatives passed a bill that includes new borrowing, lending and licensing policies on Thursday.

The bill, which passed by a 291 to 127 margin, is aimed at eliminating lending abuses and safeguarding the practice of lending to customers with weaker credit.

Although the bill received the overwhelming support of Democrats, some Republicans, as well as the Bush administration, voiced concerns about...
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