Mortgage Reform And Anti Predatory Lending Act

H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009 : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Eleventh Congress, first session, April 23, 2009.

The Dodd-Frank Act is intended to reform residential mortgage lending and securitization practices that contributed to the recent financial crisis. The Act provides some liability protection for lenders originating mortgages that meet nine specified criteria associated with a borrower¿s ability to repay (¿qualified mortgages¿). The act also requires securitizers of mortgages not meeting separate criteria associated with lower default risk to retain at least 5% of the credit risk. This report discusses the potential impact of the act¿s: (1) qualified mortgage criteria; (2) credit risk retention requirement; and (3) provisions concerning homeownership counseling and regulation of high-cost loans. Charts and tables. This is a print on demand report.