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The US House Committee on Financial Services has approved new mortgage reform legislation to curb predatory lending activities following the fallout of the sub-prime crisis.
The Mortgage Reform and Anti-Predatory Lending Act of 2007 will create a licensing system for residential mortgage loan originators, establish minimum standards for assessing borrowers’ abilities to repay their loans and attach a limited liability to secondary market securitisers.
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The legislation will also enhance consumer protections for “high-cost loans” and provide protections for renters of foreclosed homes.
