Dems Get Bachus' Support on Lending Bill

Democrats on the House Financial Services Committee have secured the support of Rep. Spencer Bachus, R-Ala., after making significant changes to a predatory lending bill that is scheduled for mark up on Tuesday (Nov. 6)."The most important fact about this compromise is that it has significant new safeguards to protect families from abusive lending," Rep. Bachus said. He noted the assignee liability provision has "carefully crafted assurances that frivolous lawsuits will not disrupt" the securitization of mortgages. The ranking Republican has been working with Democrats on the predatory lending bill for the past two years. And he has agreed to co-sponsor the manager's amendment that committee chairman Barney Frank, D-Mass., will offer at the beginning of the markup.