HR 3915, the so-called “anti-predatory lending law” is being met with fierce opposition from the Bush administration. Some of the most controversial parts of the bill would ban yield spread premiums and impose assignee liability on companies that securitize loans loans for sale on the secondary market.
The Bush administration is in favor of better disclosures rather than tying the hands of lenders in an already difficult mortgage market. I agree. Bush has not said whether he’ll veto the bill, but we’re definitiely in for a good fight in an election season between the regulators and the free-market thinkers.
