As the subprime lending industry collapses and foreclosures rise in most markets across the country, the House Committee on Financial Services will hold two meetings this week that could result in greater federal oversight over the mortgage industry. One hearing will consider finding from a recent Congressional Joint Economic Committee report that recommends increased support for local foreclosure programs, strengthening Federal Housing Authority mortgage insurance programs and instituting a federal anti-predatory-lending law. The other hearing would review proposals to modernize the FHA that would include a provision requiring the Department of Housing and Urban Development to require counseling for risky mortgage borrowers. more [Inman]
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