OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

The Mortgage Reform And Anti Predatory Lending Act

Floor Speech

Date: May 6, 2009
Location: Washington, DC
Issues: Business and Consumers

Mr. WELCH. Madam Speaker, the House this week will take the critical first step towards ending reckless and predatory lending practices and mortgage fraud in particular.

Since our economy fell off the cliff last fall, Vermonters and all Americans have been reeling from the mess created by those who engage in reckless lending and reckless borrowing.

The Mortgage Reform and Anti-Predatory Lending Act of 2009 will help ensure that the practices that helped foster this casino economy will end. The bill will restore responsibility to lending, holding creditors responsible for the loans they originate, requiring borrowers to have a reasonable ability to repay the loans, ban the practice of rewarding brokers and loan officers for steering homeowners towards mortgages they can't afford.

We won't be able to end years of irresponsible lending and borrowing overnight; not with one bill. But this legislation is the critical first step towards restoring responsibility and common sense to our financial system.


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