MERKLEY GOES AFTER MORTGAGE INDUSTRY

Oregon Senator Jeff Merkley has joined Chuck Schumer, Olympia Snowe, Barbara Boxer, Christopher Dodd, and new Massachusetts Senator Scott Brown in going after lenders and mortgage brokers who receive hidden payments for steering home buyers to certain loan originators.  Their ammendment to the Wall Street regulation bill would also require that lenders make sure that borrowers have the ability to pay back their loans.  Critics say it was Congress that urged lenders to loosen loan standards in the early 2000’s.

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