[Congressional Record Volume 155, Number 70 (Thursday, May 7, 2009)]
[Extensions of Remarks]
[Page E1087]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

                                 ______
                                 

                               speech of

                            HON. DEAN HELLER

                               of nevada

                    in the house of representatives

                         Wednesday, May 6, 2009

       The House in Committee of the Whole House of the State of 
     the Union had under consideration the bill (H.R. 1728) to 
     amend the Truth in Lending Act to reform consumer mortgate 
     practices and provide accountability for such practices, to 
     provide certain minimum standards for consumer mortgage 
     loans, and for other purposes:

  Mr. HELLER. Mr. Chair, I support and would have voted for H.R. 1728, 
the Mortgage Fraud and Anti-Predatory Lending Act. Considering the 
serious situation in Nevada related to housing issues, I support and 
would have voted for this bill to reform the mortgage and housing 
industry. H.R. 1728 reforms federal laws related to mortgage loan 
providers, those that buy or sell mortgages on the secondary securities 
markets, as well as appraisers. This bill will help reduce predatory 
lending practices and restrict lenders from making loans available to 
consumers that cannot afford them.
  In the last Congress, I supported and voted for a similar bill, H.R. 
3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007. This 
bill passed the House by a vote of 291-127, on November 15, 2007, but 
was never considered by the Senate. Though this new version of the bill 
in the 111th Congress has a number of differences, and is not a perfect 
piece of legislation, I still would have voted in support of the 
legislation. I sincerely hope that some of the changes that need to be 
made will be achieved by the Senate or in a conference committee.
  The economic downturn and housing situation in Nevada is dire. 
According to one leading foreclosure tracking service, foreclosures in 
Nevada were up 108% from February 2008 to February 2009. Nevada is the 
number one state, per capita, in foreclosures. Housing inventory is at 
an all-time high and construction and new starts are at a near 
standstill in both northern and southern Nevada. Clark County is one of 
the hardest hit counties in the nation.
  Reforming mortgage fraud and predatory lending practices is critical 
to restoring confidence in the nation's housing market, helping get the 
economy back on track, and most importantly, helping keep Nevada 
families in their homes.

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