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by CareyBot

This week will be a busy one for lawmakers on Capitol Hill, who plan two hearings that could shape the federal government's response to rising delinquencies and foreclosures among subprime mortgage borrowers. At a hearing Tuesday, the House Committee on Financial Services will consider recommendations in a recent report by the Congressional Joint Economic Committee, including increased support for local foreclosure programs and strengthening Federal Housing Authority mortgage insurance programs. The report also recommended instituting a federal anti-predatory-lending law, tougher loan disclosure requirements and suitability standards requiring borrowers to demonstrate their ability to repay mortgage loans. Lending industry groups including the Mortgage Bankers Association say the...