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The subprime crisis has not yet peaked: the worst is yet to come. We must urge the Senate to stand up for homeowners by passing a stronger law to eliminate subprime abuses in the future. At the same time, we also need fast action to help families who are struggling today.
With a simple tweak of an existing law, Congress has the power to stop the flood of subprime foreclosures ahead. Please support H.R. 3609, "The Emergency Home Ownership and Mortgage Protection Act of 2007," introduced by Reps. Linda Sánchez (D-CA) and Brad Miller (D-NC). Write to your representatives right now to urge them to support H.R. 3609.
Allowing loan modifications as a last resort would help individual families who otherwise would lose their home, and also entire communities that are suffering the consequences of lower property values triggered by foreclosures. Subprime Spillover. | House Passes Bill to Help Future Homeowners
On November 15, 2007 the U.S. House of Representatives took bipartisan action approving legislation to stop abusive lending on home loans, targeting common practices in the subprime market that have led to massive foreclosures. In a 291 to 127 vote, the House passed "The Mortgage Reform and Anti-Predatory Lending Act of 2007" (H.R. 3915). Thanks to all of you who wrote to your representatives to urge strong action on this bill.
We continue to have concerns about key weaknesses in H.R. 3915, and we will be joining allies in urging the Senate to pass a stronger bill. We must ensure that any final bill protects state laws, holds Wall Street accountable for buying abusive loans, and provides meaningful remedies for homeowners when brokers and lenders break the law. We also need to close any loopholes that would allow lenders to continue offering inappropriate products to families already burdened with debt, such as "option" adjustable-rate mortgages. And we need to ensure the bill has meaningful prohibitions on steering and the incentives that contribute to broker abuses.
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