Pelosi: Mortgage Bill Brings Needed Reform to Prevent Unfair Lending Practices That Caused Subprime Crisis
November 15, 2007
Washington, D.C. - Speaker Nancy Pelosi issued the following statement today on House passage of H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, which responds to the subprime mortgage crisis by instituting reform to prevent these bad loans from being made in the first place. The bill passed this afternoon by a vote of 291 to 127:
'The New Direction Congress took another step today on behalf of American families and the dream of homeownership. There are millions of homeowners at risk of losing their homes due to the subprime lending crisis.
'The legislation passed today brings needed reform to the mortgage industry to protect American families and prevent the unfair lending practices that caused this crisis and now threatens our economy.
'Democrats are fighting for working and middle-class families and will not allow their dream of homeownership to disappear due to predatory lending practices and foreclosures.'