Congress Considering Clamp Down On Subprime Mortgage Market

The congressional subcommittee having oversight over financial institutions is scheduled later this month to hold a hearing in connection with the current misery in the subprime mortgage lending market, according to an Associated Press article reported by the Florida Association of Realtors on their website. Reportedly, executives from subprime lending firms could be called to testify at future hearings.

In addition, on the Senate side, Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, issued a statement saying that he is “considering a number of options, including legislation” to protect consumers from abusive lending practices and help consumers who have been harmed to maintain their homes, according to the article. To read more, see:

• Congress eyes tougher standards for risky subprime market,
• U.S. mortgage bailout may be needed, senator says, a Bloomberg News article reported by St. Louis Post-Dispatch at STLtoday.com.
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