Industry News

House schedules hearing on subprime lending

Lenders, GSEs, FHA to testify April 17

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The House Financial Services Committee will hold a hearing this month on subprime mortgage lending, Chairman Barney Frank announced Friday Frank said the April 17 hearing will "explore possible responses to recent increases in home mortgage foreclosure rates" and include representatives from Fannie Mae, Freddie Mac, the Federal Housing Administration, the mortgage industry and consumer organizations. Frank, D-Mass., told lawmakers in a March 29 letter that the committee was drafting legislation to address predatory lending that will be introduced later this session. The full committee hearing begins at 10 a.m. Tuesday, April 17, in room 2128 of the Rayburn House Office Building....