Last Friday, November 16th, the House passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, by a vote of 291-127.

This piece of legislation provides protection to consumers of home mortgage products by providing certain minimum standards for consumer mortgage loans, and prohibiting steering incentives to mortgage originators, including incentive compensation.

The bill additionally establishes minimum repayment standards for mortgages and prohibits refinancing that does not benefit the borrower. For more information regarding the bill, you can click here.

Via MortgageOrb.com