House Passes Mortgage Bill HR 3915
Posted by admin under: Main Nov 16The House vote on controversial mortgage bill H.R. 3915 passed by a vote of 291-127 today.
Reactions were mixed, with Democrats pleased with the result, and Republicans showing their disapproval.
“What we have today is a bill that cannot undo what happened, but makes it much less likely it will happen in the future,” said Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.
“Congress does two things very well: one is nothing and two is overreact,” said Rep. Tom Price, R-Ga. “While we have had a period here where some credit, some loans, were unwisely given, but allowing individuals, allowing Americans to purchase homes and realize their American dream is a good thing.”
“This kind of murky language would invite litigation from every borrower who misses a payment,” said Rep. Ed Royce, R-Calif.
The bill will now go to the Senate, where it will face more hurdles, which if passed, will make its way to the President before ultimately becoming law.
“But the administration has concerns with the bill as drafted because it includes provisions that unduly restrict access to credit for potential homebuyers and reduce re-financing opportunities for current homeowners,” the administration said in a statement.
Source: House Passes Mortgage Bill HR 3915
Friday, November 16th, 2007 at 4:46 am and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.