[Congressional Record (Bound Edition), Volume 155 (2009), Part 9]
[House]
[Page 11735]
[From the U.S. Government Publishing Office, www.gpo.gov]




           THE MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

  (Mr. WELCH asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WELCH. Madam Speaker, the House this week will take the critical 
first step towards ending reckless and predatory lending practices and 
mortgage fraud in particular.
  Since our economy fell off the cliff last fall, Vermonters and all 
Americans have been reeling from the mess created by those who engage 
in reckless lending and reckless borrowing.
  The Mortgage Reform and Anti-Predatory Lending Act of 2009 will help 
ensure that the practices that helped foster this casino economy will 
end. The bill will restore responsibility to lending, holding creditors 
responsible for the loans they originate, requiring borrowers to have a 
reasonable ability to repay the loans, ban the practice of rewarding 
brokers and loan officers for steering homeowners towards mortgages 
they can't afford.
  We won't be able to end years of irresponsible lending and borrowing 
overnight; not with one bill. But this legislation is the critical 
first step towards restoring responsibility and common sense to our 
financial system.

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