November 6, 2007

House panel endorses mortgage reform package (Reuters)

A sign referring to the 'American Dream' of home ownership sits next to one offering foreclosure assistance in the Green Valley Ranch development in Denver, Colorado July 26, 2007. The rate of foreclosures in the United States will remain higher than normal for the next 18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said on Friday. (Rick Wilking/Reuters)Reuters – The House of Representatives
Financial Services Committee voted on Tuesday to create new
consumer protection standards in the mortgage industry, which
critics say dangerously eased lending standards during the
recent housing boom.

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