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By Moe Bedard
Since 2007 we’ve heard our politicians promise that they would do a complete overhaul of the lending industry indicating we American consumers would benefit from stronger regulation. The first such bill introduced in 2007 died on the senate floor. It seems our esteemed representatives are taking another shot at revamping the lending industry. The question is, will this new bill die on the senate floor at the hands of hamstrung politicians and intense efforts from lobbyists? If the cramdown bill is any indication of what we can expect we should just tell these politicians to find something better to do…the powers that be seem to want no type of industry regulation whatsoever.
From Reuters:
The U.S. House of Representatives Financial Services Committee said on Thursday it will hold a hearing on April 23 on a bill to overhaul mortgage industry practices and curb predatory lending.
The bill was introduced last month and is aimed at preventing “another subprime mortgage meltdown,” the committee said in a statement.
An earlier version of the bill passed the full House in 2007 but died in the Senate.
