Congress may curb mortgage industry

Congress is likely to push for legislation that will offer protections to consumers seeking subprime home loans, perhaps regulating the kinds of loans that mortgage originators can offer. The possible legislation comes as more and more borrowers across the country are unable to make the escalating payments required on most subprime loans and foreclosures rise precipitously in many markets. The mortgage industry is saying that such legislation could actually make the current situation worse because consumers will be left with limited refinancing options. more [WSJ]