Congress Hears Testimony on the Mortgage Reform and Anti-Predatory Lending Act

The House Financial Service Committee, which is currently considering the Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915), recently heard testimony from the American Bankers Association and America’s Community Bankers on whether to impose the same standards on nonbank lenders that banks face.  According to Bank News, while the ABA’s testimony primarily urged Congress to require nonbank mortgage lenders to be held to the same standards as banks, they also urged Congress to refrain from imposing additional regulatory burdens on banks, such as licensing and registering of bank lenders.

To view the current status of the Mortgage Reform and Anti-Predatory Lending Act, click here.