Thursday, November 15, 2007

Walsh Sides with Predatory Lenders

Today the House took action on the housing decline, particularly to stop the predatory lenders. The House voted on the Mortgage Reform and Anti-Predatory Lending Act which in short will make sure that:

  • borrowers can repay the loans they are sold
  • borrowers receive clear disclosures about the loans they are offered
  • borrowers are not “steered” into more expensive mortgages
  • special consumer protections are strengthened for high-cost loans
  • all mortgage bankers and bank loan officers are licensed or registered
The bill passed the House with a veto proof margin, unanimous support from Democrats and the support of 64 Republicans, but guess what Jim Walsh voted against it.

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