Home Mortgages
Sub-Title:
Provisions in a 2007 Mortgage Reform Bill (H. R. 3915) Would Strengthen Borrower Protections, but Views on Their Long-Term Impact DifferAuthor:
William B. ShearPublisher:
DIANE Publishing CompanyPublication Date:
12-01-2009ISBN:
9781437920345Pages:
69Subjects:
LawAvailable as:
Paperback, 9781437920345Description:
H.R. 3915 (2007), a bill introduced, but not enacted by the 110th Congress, was intended to reform mortgage lending practices to prevent a recurrence of problems in the mortgage market, particularly in the nonprime market segment. The bill would have set minimum standards for all mortgages (e.g., reasonable ability to repay) and created a "safe harbor" for loans that met certain requirements. This report discusses: (1) the proportions of recent nonprime loans that likely would have met and not met the bill's safe harbor requirements and factors influencing the performance of these loans; and (2) relevant research and the views of mortgage industry stakeholders concerning the potential impact of key provisions of the bill on the availability of mortgage credit.
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