Financial Services Committee Hearing "The Mortgage Reform and Anti-Predatory Lending Act"

Author: 
Congressman Paul E. Kanjorski
Report Type: 
Testimony

THURSDAY, APRIL 23, 2009

Mr. Chairman, as we begin today’s hearing I want to discuss several issues concerning H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, which I helped to write and to introduce. First, I have heard suggestions from some that the skin-in-the-game requirements found in the bill constitute a war on securitization. Such thinking is entirely wrong.

At a hearing in September 2007, I cited the fact that few players had any real skin in the game helped to contribute to the implosion of our financial markets. If people had retained some risk, I believe that they would have made better decisions. Since then, others have joined my thinking. So, the skin-in-the-game provisions in H.R. 1728 are about prudent underwriting, not about ending securitization as some have maintained.

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Posted : Thursday 23 April 2009 | Managing Editor

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