11/7/2007

The House Financial Services Committee approved a widely supported bill that would dramatically change how home loans are offered. Among the provisions in the bill is a requirement that lenders consider a borrower's ability to repay an adjustable-rate mortgage after monthly payments reset higher than introductory rates. "I think we have a national crisis to which we have to respond," said Rep. Barney Frank, D-Mass., the committee's chairman.

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