Madam Speaker, I rise in support of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, which will bring greater transparency to lending practices nationwide.

Unconventional mortgages have left countless Americans facing foreclosure, and this is especially true in Rhode Island.  With this bill, we will combat unscrupulous lending practices and bring transparency to the process by requiring mortgage originators to be licensed and mandating full disclosure of loan terms.

Perhaps most importantly, mortgage originators must certify that consumers have a reasonable ability to pay back loans and that they are not predatory in nature.  We have seen too many lenders steer consumers into loans they cannot afford.  I am also pleased that this measure includes protections to renters of foreclosed property.

H.R. 1728 will address persistent problems in the housing market, bring financial stability to families and ensure that the appropriate measures are in place to prevent this kind of crisis in the future.

I thank Chairman Frank for his leadership, and I urge support for this bill.

Madam Speaker, I yield back my time.