The House of Representatives is currently debating a bill called the Mortgage Reform and Anti-Predatory Lending Act, but unfortunately the “reform” it proposes would hurt the housing market by raising mortgage rates and making it more difficult for qualified homebuyers to obtain a mortgage. Additionally, the bill will result in more litigation by trial lawyers, which will also drive up costs for homebuyers.
Rather than helping revive our economy, this bill would leave aspiring homebuyers with less choice and ultimately keep many of them out of a new home. How can we expect more people to purchase homes when we make it harder for them to get the mortgages they need?
I have been working improve this legislation, but still believe the bill will do more harm than good. In fact, I spoke on the floor about these very concerns today.