Congressman Mike Turner today introduced legislation that seeks to create a Congressional Commission on the nation’s current foreclosure and mortgage lending crisis.Congressman Mike Turner (OH-03) today introduced legislation that seeks to create a Congressional Commission on the nation’s current foreclosure and mortgage lending crisis. Rep. Turner originally proposed the Commission last week as an amendment to H.R. 1106. The bi-partisan commission would consist of ten members, including two co-chairmen.
“The current foreclosure and mortgage crisis facing our nation has threatened homeowners and communities across the country. This crisis has significantly impacted the very foundation of our economy,” Congressman Turner said. “Literally trillions of taxpayer dollars have been spent trying to address our current global economic crisis and yet millions of Americans are still in danger of losing their homes and their piece of the American dream. It is of vital importance that Congress establish a Commission to review how and why this alarming situation came about and to recommend the necessary changes to both help solve this issue and to make certain that we never find ourselves in this situation again.”
The Commission will be enlisted with the following responsibilities:
- Study and assess the current legal and regulatory framework governing the housing mortgage lending markets and investigate how the current legal and regulatory framework contributed to the increased foreclosure rate: including refinancing practices; loan to value ratios; and the prevalence of fraudulent industry practices.
- Recommend changes to the current legal and regulatory framework to prohibit lending practices that have contributed to the mortgage lending crisis.
- Review impact of subprime abuses and predatory lending practices.
- Assess the role of states in enacting policies to reduce predatory lending practices, and abuses in the subprime markets.
- Assess the role of the impact of mortgage backed securities, and Fannie Mae and Freddie Mac on the mortgage lending crisis.
- Assess the impact of the Community Reinvestment Act on the mortgage lending crisis.
“I believe that the creation of this Commission will lead to real bipartisan work and solutions for working American families,” Rep. Turner said. “The time to establish a bipartisan Commission so Congress has the information it needs to protect American homeowners is now.”