[Congressional Record Volume 153, Number 186 (Thursday, December 6, 2007)]
[Extensions of Remarks]
[Page E2522]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                      Thursday, November 15, 2007

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 3915) to 
     amend the Truth in Lending Act to reform consumer mortgage 
     practices and provide accountability for such practices, to 
     establish licensing and registration requirements for 
     residential mortgage originators, to provide certain minimum 
     standards for consumer mortgage loans, and for other 
     purposes:

  Ms. McCOLLUM of Minnesota. Mr. Chairman, I rise today in strong 
support of the Mortgage Reform and Anti-Predatory Lending Act and 
applaud Chairman Barney Frank for his work to end predatory lending and 
strengthen consumer protections.
  The United States is currently facing a subprime mortgage crisis. 
Right now, nearly 1,200 homes are vacant in Saint Paul due to 
foreclosures. These foreclosures harm the vitality of our 
neighborhoods. Further, foreclosures mean a loss of property tax 
revenue, placing a burden on local and State governments. The social 
and financial costs of this serious problem affect everyone.
  H.R. 3915 is an important step to protect American families from 
predatory lenders by requiring lenders to ensure that borrowers have a 
reasonable ability to repay and establishing a licensing system for 
mortgage brokers and bank loan officers. This legislation requires 
lenders to disclose more about loans such as, the maximum amount a 
consumer could pay on a variable rate mortgage and the amount of 
charges included in the mortgage. It also bans financial incentives for 
subprime loans and holds lenders in the secondary mortgage market 
accountable for home loans by allowing consumers to seek redress 
directly from the firms that ``securitize'' mortgages.
  The pre-loan counseling in this bill will protect families from 
predatory lending in the future. This legislation also establishes an 
Office of Housing Counseling, which will certify computer programs so 
consumers can evaluate home mortgage loan proposals, and it will also 
provide technical and financial support for States and local 
governments educating consumers about buying a home.
  Predatory lending harms our families, our neighborhoods, and our 
communities. We must do more to ensure that all individuals and 
families have safe and stable housing. I urge my colleagues to join me 
in voting for the Mortgage Reform and Anti-Predatory Lending Act.

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