Bachus bill aims to reform subprime lending practices


The Fair Mortgage Practices Act (HR 3012), or the Bachus bill, is the result of a 16-month effort to create a bipartisan solution to concerns about unfair practices in the subprime mortgage market. It includes several new or enhanced consumer protections, and creates a national registration and licensing standard for mortgage originators, to enhance accountability and professionalism within the industry.

The bill will increase transparency in the mortgage process by simplifying disclosures for

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