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 September 05, 2007

Congress Ready to Tackle Mortgage Crisis
As Congress prepares to reconvene, they will find the current mortgage crisis one of their top priorities.
Some of the measures to be considered are:

The enactment of a bill that would lift portfolio restrictions on both Fannie Mae and Freddie Mac in an effort to add liquidity to the market.

House Financial Services Committee chair Barney Frank (D-Mass) is expected to propose an anti-predatory lending bill which would federally regulate mortgage brokers. The bill would make mortgage-backed securities investors partially liable for problem loans.

Senator Charles Schumer (D-New York) has plans to propose $100 million in appropriations be earmarked for housing counseling to help avoid future foreclosures.

President Bush has proposed the enabling of the Federal Housing Administration to support refinancing of ARMs (adjustable rate mortgages) in default or nearing default.

The MBA (Mortgage Bankers Association) is in favor of uniform lending standards nationwide, however they do not believe that investors should be held liable for problem loans.

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