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Tom Lantos on Budget & Economy

Democratic Representative (CA-12)


Voted YES on regulating the subprime mortgage industry.

H.R.3915: To reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators. Prohibits certain creditor practices with respect to high-cost mortgages, including:

Proponents support voting YES because:

Rep. FRANK: This legislation seeks to prevent a repetition of events that caused one of the most serious financial crises in recent times. We have a worldwide problem economically, with a terrible shortage of credit. Innovations in the mortgage industry, in themselves good and useful, but conducted in such a completely unregulated manner as to have led to this crisis. The fundamental principle of the bill is not to put remedies into place, but to stop future problems from occurring in the first place. We have had two groups of mortgage originators: banks subject to the regulation of the bank regulators; and then mortgage loans made by brokers who were subject to no regulation. The secondary market has been on the whole useful but, having been unregulated, has caused some problems.

Opponents recommend voting NO because:

Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

Reference: Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915 ; vote number 2007-1118 on Nov 15, 2007

Voted NO on restricting bankruptcy rules.

Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act; Bill S 1920 ; vote number 2004-10 on Jan 28, 2004

Other candidates on Budget & Economy: Tom Lantos on other issues:
CA Gubernatorial:
Arnold Schwarzenegger
Gray Davis

Democratic retirements
& special elections:

D,AL-5:Cramer
D,CA-12:Lantos
D,CO-2:Udall
D,IN-7:Carson
D,NY-21:McNulty
D,ME-1:Allen
D,MD-4:Wynn
D,NM-3:Udall
D,OR-5:Hooley

Republican special elections:
R,IL-14:Hastert
R,LA-1:Jindal
R,LA-6:Baker
R,MS-1:Wicker
R,OH-5:Gillmor
Republican retirements:
R,AL-2:Everett
R,AZ-1:Renzi
R,CA-4:Doolittle
R,CA-52:Hunter
R,CO-6:Tancredo
R,FL-15:Weldon
R,IL-11:Weller
R,IL-18:LaHood
R,KY-2:Lewis
R,LA-4:McCrery
R,MD-1:Gilchrest
R,MN-3:Ramstad
R,MO-9:Hulshof
R,MS-3:Pickering
R,NJ-3:Saxton
R,NJ-7:Ferguson
R,NM-1:Wilson
R,NM-2:Pearce
R,NY-25:Walsh
R,NY-26:Reynolds
R,OH-7:Hobson
R,OH-15:Pryce
R,OH-16:Regula
R,PA-5:Peterson
R,VA-11:Davis
R,WY-0:Cubin
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Page last updated: 3/27/2008