Financial Services
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As a member of the powerful House Committee on Financial Services, one of Hinojosa's top priorities is ensuring that his constituents and all other individuals across the country have access to an efficient, effective, modern and transparent financial services industry, including financial institutions and the capital markets. One of Hinojosa’s long term goals has always been to draft and support legislation and regulations that protect his constituents from predatory lenders, payday lenders, and check cashers and to encourage them to use more traditional financial services systems that may open doors to other wealth building opportunities, including the American dream of homeownership. This is most important given the recent and continuing decline of the housing market, which may propel the economy into a recession.
To reform mortgage and anti-predatory lending practices in the United States, Hinojosa worked closely with his colleagues on the House Committee on Financial Services and in Congress to pass H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” by a vote of 291 to 127. The bill will establish a national standard to rein in the abusive lending practices that contributed to the current mortgage crisis. This legislation achieves two very important goals: implementing reforms that will help protect consumers from predatory lending practices, and preserving working Americans’ access to consumer credit.
H.R. 3915 will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers. The legislation will also expand and enhance consumer protections for “high-cost loans,” will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development.
As co-founder and Chairman of the Congressional Rural Housing Caucus, Hinojosa is particularly concerned about the impact the declining housing market and economic decline will have on his constituents who live in rural America and remain in need of housing. The goal of the Rural Housing Caucus is to improve the affordability, availability and quality of housing in rural America. Hinojosa has requested that the Committee on Financial Services hold additional hearings on rural housing.
on this page: Latest News
As a member of the powerful House Committee on Financial Services, one of Hinojosa's top priorities is ensuring that his constituents and all other individuals across the country have access to an efficient, effective, modern and transparent financial services industry, including financial institutions and the capital markets. One of Hinojosa’s long term goals has always been to draft and support legislation and regulations that protect his constituents from predatory lenders, payday lenders, and check cashers and to encourage them to use more traditional financial services systems that may open doors to other wealth building opportunities, including the American dream of homeownership. This is most important given the recent and continuing decline of the housing market, which may propel the economy into a recession.
To reform mortgage and anti-predatory lending practices in the United States, Hinojosa worked closely with his colleagues on the House Committee on Financial Services and in Congress to pass H.R. 3915, the “The Mortgage Reform and Anti-Predatory Lending Act of 2007” by a vote of 291 to 127. The bill will establish a national standard to rein in the abusive lending practices that contributed to the current mortgage crisis. This legislation achieves two very important goals: implementing reforms that will help protect consumers from predatory lending practices, and preserving working Americans’ access to consumer credit.
H.R. 3915 will create a licensing system for residential mortgage loan originators, establish a minimum standard requiring that borrowers have a reasonable ability to repay a loan, and will attach a limited liability to secondary market securitizers. The legislation will also expand and enhance consumer protections for “high-cost loans,” will include protections for renters of foreclosed homes, and will establish an Office of Housing Counseling through the Department of Housing and Urban Development.
As co-founder and Chairman of the Congressional Rural Housing Caucus, Hinojosa is particularly concerned about the impact the declining housing market and economic decline will have on his constituents who live in rural America and remain in need of housing. The goal of the Rural Housing Caucus is to improve the affordability, availability and quality of housing in rural America. Hinojosa has requested that the Committee on Financial Services hold additional hearings on rural housing.
As co-founder and co-chair of the Financial and Economic Literacy Caucus, Hinojosa has also requested that the Committee hold hearings on financial literacy. Hinojosa has been trying to find the best ways and means to improve financial literacy rates for all individuals across the United States during all stages of life. Improving financial literacy in the United States might help prevent a future credit crunch and definitely reduce the percentage of Americans holding a considerable amount of debt.