Bipartisan national lending law soon to be a reality?mortgagepress.comBob Ney, Paul Kanjorski, lending law, legislation, Congress, U.S. House of Representatives
Reps. Bob Ney from Ohio and Paul Kanjorski from Pennsylvania
appear to be nearing an agreement on a bipartisan bill that would
establish a national lending standard. The legislation, which is
intended to protect consumers from abusive lending practices, would
preempt the patchwork of state and local predatory lending laws
that have reduced the availability of mortgage credit to consumers
and created an inconsistent regulatory environment. Initially
announced in mid-October, the bill is expected to also address the
need for enhanced consumer education and protections, and would
tackle difficulties related to foreclosures, appraisal practices,
loan flipping, and borrower/lender dispute resolution. Both Rep.
Ney and Rep. Kanjorski have indicated that they will seek input
from the mortgage industry and consumer groups before the
legislation is formally introduced in early 2005.
For more information, visit www.house.gov/kanjorski