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Merkley, Klobuchar Amendment Banning Liar Loans Approved

Last updated: 07/31/2020 08:00 | 05/13/2010 12:57
news
Emmanuella Shea

This afternoon, an amendment protecting mortgage consumers from predatory lending practices made it into Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. The Senate approved the amendment by Sen. Jeff Merkley (D-Ore.) and Sen. Amy Klobuchar (D-Minn.) 63 to 36.

The new language prohibits mortgage lenders from receiving hidden payments when they sell high-cost loans and prohibits companies from giving loan officers higher pay for selling riskier or higher-fee loans. It also bolsters underwriting standards, making sure that homeowners can really afford their mortgages and precluding lenders from offering “liar loans” and “no-doc” loans.

“Deceptive mortgage practices like hidden steering payments directly led to the Wall Street meltdown and resulted in millions of families losing their homes,” Merkley said in a statement. “We took a huge stride forward today in the fight to restore fairness for homeowners and strengthen the financial foundations of our families.”

Emmanuella Shea | Emmanuella Shea is a professional financial analyst with over 9 years of experience in the financial markets. Emmanuella is still concerned about the long-term stability of multimillion-dollar financial portfolios. She is skilled at persuading and manipulating high-ranking individuals in addition to her work as a Financial Analyst. Her decisions are trusted and respected, and her views are highly regarded. Her long-term ambition is to work as a policy advisor at the national level. She wants to use her unwavering dedication and drive to help developing-country people gain more dignity and autonomy.

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