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Bill Aims at Helping Subprime Borrowers Avoid Foreclosure
Sen. Charles Schumer (D-N.Y.) introduced legislation last week to deal with foreclosures on subprime mortgages now plaguing the housing market.
The bill proposes $300 million in federal funds to help community non-profit counseling groups boost refinancing programs to help home owners avoid foreclosure.
The second part of the legislation would regulate mortgage brokers and originators under the Truth in Lending Act by establishing on behalf of consumers a fiduciary duty and other standards of care.
In addition, the bill outlines standards for brokers and originators to assess a borrower’s ability to repay a mortgage and holds lenders accountable for brokers and appraisers.
Schumer’s bill represents the first federal legislative proposal on subprime lending and NAHB is expecting extended congressional discussion of the issue this year.
It remains uncertain at this point whether Senate Banking Committee Chairman Chris Dodd (D-Conn.) will also pursue a legislative solution or continue urging mortgage industry lenders to outline ways to help keep troubled borrowers in their homes, while simultaneously urging federal regulators to use current regulatory authority to curb harmful lending practices.
In the coming weeks and months, NAHB will continue to keep a close watch on the legislative, regulatory and industry response to the subprime lending situation.
For more information, e-mail Scott Meyer at NAHB, or call him at 800-368-5242 x8144.
 Construction Forecast Conference Now Available on the Internet
The simultaneous Webcast of the Construction Forecast Conference — Spring 2007 held in Washington, D.C. on April 26 is available for purchase for the next three months.
Those interested can purchase the conference Webcast, which includes panels of nationally recognized experts discussing economic trends, government policies, developments in the housing industry and the results from NAHB's recent surveys.
Purchasers will receive unlimited access to the Webcast archive for three months, as well as electronic copies of the conference handouts and presentation material. Purchasers can watch at their own pace, rewind, fast forward and review important sections.
To Purchase the Webcast
To purchase the Webcast, visit www.nahb.org/cfcwebcast.
Mark Your Calendar for the 2007 NAHB Legislative Conference
The 2007 NAHB Legislative Conference provides a unique opportunity for builders to speak directly with their members of Congress and to take a stand on the issues that affect their businesses and bottom line.
The day-long conference is on Wednesday, June 6 and coincides with the NAHB spring board meeting in Washington, D.C.
Attending the 2007 Legislative Conference offers NAHB members an unparalleled opportunity to:
- Lobby members of Congress to protect your business
- Establish lasting relationships with your elected federal officials
- Share builder concerns in a national forum in Washington, D.C.
- Learn the latest policy developments on the key issues affecting your business
- Demonstrate your industry’s commitment to responsible policies, pragmatic reforms, effective programs and providing the resources necessary to meet our nation’s ongoing housing needs
- Network and share business strategies with your peers
- Learn how to be an effective advocate for your business and your industry
- Make your views known on Capitol Hill
- Do your part to ensure that NAHB’s issues are heard by Washington policymakers
- Galvanize a united front on Capitol Hill
For more information or to register, click here.
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