Predatory Lending Legislation Introduced in U.S. House of Representatives

by Brian Wolfman

Legislation was introduced yesterday in the U.S. House of Representatives to curb predatory mortgage lending. One of the bill's key supporters is Rep. Barney Frank (D-MA), chair of the House Committee on Financial Services. The basic purpose of the legislation is to limit lending to situations where the borrower is reasonably able to repay.  You can get information on the legislation from the Financial Services Committee's website, which includes links to the entire bill and a section-by-section analysis. Today's New York Times has an article on the legislation as does today's Washington Post.