Congress Struggling With Mortgage Reforms

The Associated Press reports of the struggle in one U.S. House of Representatives Congressional subcommittee trying to address possible mortgage reforms relating to the trouble in the subprime mortgage industry, reporting:

• "[L]awmakers are weighing whether new lending rules are needed or whether the market is already in the process of self-correcting. The task of crafting reforms is made more complicated by the long list of players involved in mortgage transactions."

This comes on the heels of U.S. Senate Banking Committee Chairman Christopher Dodd's emphasis that increased regulatory oversight and voluntary reforms by lenders are preferable to legislation.

For more, see Congress debates mortgage reforms.

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