[Congressional Record (Bound Edition), Volume 155 (2009), Part 9]
[House]
[Page 11570]
[From the U.S. Government Publishing Office, www.gpo.gov]




 BRINGING COMMONSENSE REFORM AND CONSUMER PROTECTION TO OUR FINANCIAL 
                                 SYSTEM

  (Ms. WATSON asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Ms. WATSON. Mr. Speaker, this week the House takes up the anti-
predatory lending and mortgage fraud legislation. These bills are the 
next step as we work to rebuild our economy in a way that is fair and 
consistent with our values.
  The Mortgage Reform and Anti-Predatory Lending Act of 2009 will curb 
abusive and predatory lending, a major factor in the Nation's highest 
home foreclosure rate in 25 years. The bill would outlaw many of the 
egregious industry practices that marked the subprime lending boom and 
would prevent borrowers from deliberately misstating their income to 
qualify for a loan. The bill will ensure that mortgage lenders make 
loans that benefit the consumer and prohibit them from steering 
borrowers into higher-cost loans.
  This week Congress will also vote on legislation to create an outside 
commission to investigate the causes of the current financial and 
economic crises in the United States.

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