Bachus bill aims to reform subprime lending practices
WASHINGTON - Spencer Bachus, a ranking member of the House Committee on Financial Services, has proposed to set uniform standards for mortgage originators as part of legislation presented by him in an attempt to protect homebuyers from predatory lending practices.
The Fair Mortgage Practices Act (HR 3012), or the Bachus bill, is the result of a 16-month effort to create a bipartisan solution to concerns about unfair practices in the subprime mortgage market. It includes several new or enhanced consumer protections, and creates a national registration and licensing standard for mortgage originators, to enhance accountability and professionalism within the industry.
The bill will increase transparency in the mortgage process by simplifying disclosures for
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