This page contains bill sponsorships in the Senate and House.
Bill sponsorships indicate the topics that legislators are most interested in, and spend the most time on.
Bill Sponsorship: requiring full disclosure about subprime mortgages
Source: Homeownership Preservation and Protection Act (S.2452 )
Sen. DODD: Today we are facing a crisis in the mortgage markets on a scale that has not been seen since the Great Depression: over 2 million homeowners face foreclosure at a loss of over $160 billion in hard-earned home equity; over one out of every 5 subprime loans is currently delinquent. These high default rates have frozen the subprime and jumbo mortgage markets and infected the capital markets to the point where central banks around the world have had to inject liquidity into the system to avoid the crisis from spreading to other segments of the market.
One of the fundamental causes of this serious crisis is abusive and predatory subprime mortgage lending. The Homeownership Preservation and Protection Act of 2007 is designed to protect American homeowners from these practices, and prevent this disaster from happening again. The legislation will:
It is important to keep in mind that only about 10% of subprime mortgages have been made to first time home buyers. This market has not been primarily about creating a new set of homeowners; a majority of subprime loans have been refinances. While maintaining access to subprime credit on fair terms is important, too much of the subprime market has actually put the homes and home equity of American families at risk.
- realign the interests of the mortgage industry with borrowers to insure the availability of mortgage capital on fair terms
both for the creation and sustainability of homeownership;
- establish new lending standards to ensure that loans are affordable and fair, and
- provide for adequate remedies to make sure the standards are met; and create a transparent set of rules for the mortgage industry so that capital can safely return to the market without bad lending practices driving out the good.
In the coming months, the housing crisis is going to get worse. We will need to continue to press lenders and servicers to provide real relief for homeowners threatened with foreclosure.
- Topic: Budget & Economy
- Headline: Require full disclosure about subprime mortgages
- Key for participation codes:
- Sponsorships: p=sponsored; o=co-sponsored; s=signed
- Memberships: c=chair; m=member; e=endorsed; f=profiled; s=scored
- Resolutions: i=introduced; w=wrote; a=adopted
- Cases: w=wrote; j=joined; d=dissented; c=concurred
- Surveys: '+' supports; '-' opposes.
participating in 2007-S2452
participating in 2007-S2452
Total recorded by OnTheIssues: