Senator Bob Corker (R-Tennessee) says he plans to offer up an amendment to
the Wall Street reform bill that will make "surgical" changes to consumer
protection laws. Sen. Johnny Isakson (R-Georgia) is joining Corker in his
push.Among the items on their agenda are establishing minimum underwriting
standards for mortgages, and striking the proposed 5 percent risk retention
requirement for mortgages sold as securities. The GOP has criticized many of the consumer protections incorporated into
the Senate reform bill as "overreaching" and taking regulation too far to
the point that it would hurt the market. Their thinking is that by setting minimum underwriting standards for home
loans, it alone would be enough to rein in risky lending, and would trump
the need to require lenders to retain a 5 percent risk ratio on mortgages
pooled and sold into the secondary market. Corker says such changes are needed in the bill's consumer protection
provisions in order to win support from Republicans.
the Wall Street reform bill that will make "surgical" changes to consumer
protection laws. Sen. Johnny Isakson (R-Georgia) is joining Corker in his
push.Among the items on their agenda are establishing minimum underwriting
standards for mortgages, and striking the proposed 5 percent risk retention
requirement for mortgages sold as securities. The GOP has criticized many of the consumer protections incorporated into
the Senate reform bill as "overreaching" and taking regulation too far to
the point that it would hurt the market. Their thinking is that by setting minimum underwriting standards for home
loans, it alone would be enough to rein in risky lending, and would trump
the need to require lenders to retain a 5 percent risk ratio on mortgages
pooled and sold into the secondary market. Corker says such changes are needed in the bill's consumer protection
provisions in order to win support from Republicans.
via Ping.fm
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