Congressional report backs suitability, predatory lending standards

MBA says dire foreclosure predictions rely on faulty data

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A new Congressional report on rising delinquencies and foreclosures in subprime loans overstates the problem because it relies on “faulty, inflated data,” the Mortgage Bankers Association maintains.

The report, by the Congressional Joint Economic Committee, cites statistics from RealtyTrac and predictions by the Center for Responsible Lending to make the case for increased regulation of the mortgage lending industry.

The JEC report cites a prediction by the Center for Responsible L