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Mortgage Reform and Anti-Predatory Lending Act of 2007

By: Al Green
By: Al Green
Date: Nov. 15, 2007
Location: Washington, DC
Issues: Finance and Banking Housing and Property


MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT OF 2007 -- (House of Representatives - November 15, 2007)

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Mr. AL GREEN of Texas. Mr. Chairman, I also would like to thank the chairman of the full committee, Chairman Frank, Ranking Member Bachus, the subcommittee Chair and ranking member as well.

Mr. Chairman, this is a very simple and straightforward amendment. This amendment deals with minimum standards for mortgage originators, and it requires that mortgage originators receive a certain amount of training.

The bill itself right now requires at least 20 hours of education, of which at least 3 hours of Federal law shall be included in the regulations as well, along with 3 hours of ethics. What this amendment does is include in the ethics training instructions on fraud, consumer protection and fair lending issues. It is very straightforward. It is not complicated.

Mr. Chairman, I reserve the balance of my time.

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