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Rep. Baker: H.R. 3915 Creates False Sense of Security, Jeopardizes Stability of Housing Finance System

Press Release

Location: Washington, DC

Rep. Baker: H.R. 3915 creates false sense of security, jeopardizes stability of housing finance system

WASHINGTON - U.S. Rep. Richard Baker, R-Baton Rouge, issued the following statement regarding H.R. 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007."

"Congress cannot ignore the sub-prime mortgage problem, nor should we. It is appropriate to address certain practices in the sub-prime mortgage market that have harmed consumers. But burdening the broader market, which has not experienced these problems, with additional regulation and heightened exposure to liability jeopardizes the stability of our housing finance system

"Given the current state of the markets, Congress should focus on targeted policies that become the standard for both originators and the secondary market. True reform would create a national standard and not permit a patchwork of state policies, and any effort that neglects this will do more harm than good.

"H.R. 3915 creates a false sense of security that could cause unforeseen harm to homeowners and limit the choices consumers have in finding loans. And while I do not believe this bill brings the reforms we need, I remain committed to protecting consumers while ensuring they are not forced out of the market altogether."

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