Last week the Senate adopted on a bipartisan 63-36 vote an amendment to the Senate financial reform bill cosponsored by Senator Merkely that tightens home lending practices. PR from Merkley's website is HERE:
Senators Merkley and Klobuchar’s amendment will ban mortgage lenders and loan originators from accepting payments based on the interest rate or other terms of the loans. In addition, it will require lenders to document income and other underwriting standards to ensure that borrowers’ can repay their loans. This will end the damaging and deceptive practice of “no doc” and “liar loans.”
The Thomas page for the Senate financial services reform bill (S.3217 ) is HERE.
The complete bill has yet to pass the Senate and if it does the Senate and House bills will need to be reconciled before the President can sign the legislation into law.
Originally created and posted on the Oregon Housing Blog.
The complete bill has yet to pass the Senate and if it does the Senate and House bills will need to be reconciled before the President can sign the legislation into law.
Originally created and posted on the Oregon Housing Blog.
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