The Mortgage Bankers Association (MBA) has announced that they have sent a letter to House Financial Services Committee Chairman Barney Frank and Ranking Member Spencer Bachus outlining the association's concerns with HR 3126, The Consumer Financial Services Protection Agency (CFPA) Act. Chief among those concerns is that the bill fails to empower the CFPA to establish uniform national standards that will regulate all lenders, and protect all borrowers consistently, regardless of where they live. Read more

Congressman Spencer Bachus, the top Republican on the Financial Services Committee, has called for an end to federal funding for ACORN, a leftwing activist group linked to voter registration fraud and other criminal activity. Bachus became an original co-sponsor of the Defund ACORN Act, which would eliminate all ties, including financial support, between the government and the organization. He also signed a letter to President Barack Obama demanding a termination of taxpayer assistance to the group.Read more