Congress reluctant to act on mortgage lending issues

Lawmakers debated many bills, but passed few

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As 2007 came to a close, Congress had done a lot of talking about cracking down on unfair and deceptive mortgage lending practices, but didn’t deliver on any major legislation.

Although there’s some consensus that tighter regulations or new laws governing lenders are needed, some lawmakers have been reluctant to impose restrictions that might worsen the credit crunch and the housing downturn.