House Financial Services subcommittee chairman Spencer Bachus says he is optimistic about drafting a bipartisan predatory-lending bill by March 29 so his subcommittee can mark it up and pass it.Rep. Bachus, R-Ala., said he is working with Democratic and Republican members, along with consumer and industry groups, to draft a bill that stops predatory practices without limiting the availability of "legitimate" subprime mortgages. "I am optimistic we can reach a consensus and hold a mark-up on March 29," he said. The congressman previously indicated that he is using a North Carolina predatory-lending law as a model for the bill. Simply taking the North Carolina law and combining it with a federal pre-emption will not work for lenders, according to lobbyist Wright Andrews, who represents several subprime lending groups. However, Mr. Andrews said he expects Rep. Bachus to incorporate suggestions from all sides, including members who have sponsored predatory-lending bills. "Rep. Bachus is trying to bring everyone to the table," the lobbyist said.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry