AFFIL and Partners Offer Suggestions for Improving H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act

AFFIL signed onto this letter (PDF) to Rep. Barney Frank and other members of the Financial Services Committee. It points out some of the ways the Mortgage Reform and Anti-Predatory Lending Act has been improved since the last Congress, but also suggests ways the bill should be strengthened. This excerpt explains why the bill must be improved:

In examining any proposal for reform, the basic criterion for evaluation must be whether, if this law had been in place five years ago, it would have helped avert the crisis. On balance, we fear this bill does not meaningfully repair the misalignment of incentives running through the entire mortgage origination and securitization chain, and we therefore have some suggestions for improving it.

Read the full letter (PDF).