Banking Law
Mortgage Protection Bill Passes House
The U.S. House has passed a bill that helps protect homeowners from risky home loans, but the legislation faces some opposition in the Senate.
The bill would fine lenders who steer borrowers to risky loans when other financing is available, the Associated Press reports. It would also bar excessive fees and practices that increase the risk of foreclosure.
Criticism of the bill by the mortgage industry and the Bush administration could hurt its chances in the Senate, the Washington Post reports.
