The House voted 300-114 for a bill aimed at curbing predatory mortgage sales practices.It would prohibit lenders from approving mortgages that borrowers clearly cannot afford, a response to instances where buyers with chancy credit were allowed to take out risky subprime loans.
Representatives Shelley Berkley and Dina Titus, both D-Nev., voted for the bill. Dean Heller, R-Nev., did not vote.
The House approved a separate bill giving federal prosecutors more money to chase mortgage fraud. The bill passed 367-59. Berkley, Titus and Heller voted for it.
The Senate finished work on a bill that would make it easier for homeowners to refinance to lower-cost mortgages backed by the government.
The bill expands eligibility for the “Hope for Homeowners” program, which was intended to help homeowners switch risky mortgages to conventional 30-year loans.
Created last year with the hopes of helping 400,000 homeowners, the program is processing only a handful of applications underway as critics said the requirements are too strict.
The bill passed 91-5. Sens. Harry Reid, D-Nev., and John Ensign, R-Nev., voted for it . [Ely Times]
Related posts:
