Posts Tagged ‘Democrats’
OBAMA HOME MORTGAGE STIMULUS PLAN 1 IN ARIZONA FEBRUARY 18 2009 CONCISE
HIS EXPLANATION AND THE PLAN-THAT’S IT
I REMOVED INTROS GREETINGS ETC.
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Today, the House will vote on the Mortgage Reform and Anti-Predatory Lending Act, H.R. 1728. The bill responds to the subprime mortgage crisis by instituting much needed reform to prevent these bad loans from being made in the first place. It stops the kinds of predatory and irresponsible mortgage loan practices that played a major role in the current financial and economic meltdown and prevents borrowers from deliberately misstating their income to qualify for a loan.
These long overdue reforms, which Democrats have been advocating since 1999, perhaps could have prevented the current crisis.
To restore the integrity of mortgage lending industry, this bill will make sure that the mortgage industry follows basic principles of sound lending, responsibility, and consumer protection.
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