Bachus Clarifies Status of 'Predatory' Draft

Rep. Spencer Bachus, R-Ala., plans to circulate a draft of a predatory lending bill soon, but he has clarified that the draft is not the product of a bipartisan agreement, although he hopes to reach such an agreement next year."The bill Congressman Bachus is drafting is simply his attempt at the next step in an ongoing process of reaching consensus on subprime lending legislation," a statement issued by Rep. Bachus' office says. The chairman of the financial institutions subcommittee held discussions with key Democratic members of the House Financial Services Committee earlier this year. However, Rep. Bachus issued the clarification after Democrats pointed out that they have not participated in the drafting and don't know what is in his bill. "Rep. Bachus has worked with us in good faith, and I look forward to continuing to do that next year," Rep. Brad Miller, D-N.C., said in an interview with MortgageWire. "But it is not the consensus or compromise bill at this point."