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 November 20, 2007

House of Representatives Passes Abusive Lending Bill
A bill that aims to protect borrowers from abusive lending practices was passed by the House on November 15.
The bill makes it illegal to for borrowers to be granted loans by lenders which they are cannot afford to repay. The bill also creates a national licensing system mortgage brokers and hold banks which package mortgage securities into investment opportunities liable for violations of laws governing lending practices.

Representatives, who are in support of the bill which was spearheaded by Representative Barney Frank (Democrat-Massachusetts), believe that these newly-appointed measures would have prevented the current mortgage crisis and should have been enacted a long time ago.

On the other hand, those who oppose the bill see it as an overreaction to the current crisis. Opponents believe that the legislation will limit credit availability and options for thousands of Americans who wish to own their own homes.

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