The House considers home loan reform

U.S. lawmakers are considering home loan reforms that would help prevent the current problems we’re having from happening again.

The bill is in the U.S. House of Representatives and could pass as soon as Friday.  Among the provisions, the bill includes:

• A federal standard for home loans, requiring mortgages only be approved when a borrower can repay
• Prohibit financial incentives that encourage lenders to push borrowers into loans they can’t afford
• Require licensing and registrations for brokers and loan officers

Read more about the proposed home loan reform bill at the Miami Herald.