House backs home mortgage market reforms
WASHINGTON (Reuters) - The House of Representatives voted on Thursday to regulate mortgage officers for the first time and take other steps to try to avert another housing finance crisis like the one now shaking world markets.
In a bill that targets loose and deceptive loan practices that helped inflate the recent housing bubble, the House voted to license mortgage brokers and bank loan officers, ban certain predatory lending practices and bolster borrower protections.
No equivalent bill has been introduced in the Senate.
The Bush administration said Wednesday it supports some parts of the House bill, opposes others and "looks forward to working with Congress." It has not threatened a veto.
(Reporting by Kevin Drawbaugh; Editing by Jeffrey Benkoe)
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