WASHINGTON – An amendment authored by Congressman Erik Paulsen (MN-3) to ensure proposed regulatory changes do not strangle the availability of credit passed the House Financial Services Committee today by voice vote.  Specifically, the amendment to the Mortgage Reform and Anti-Predatory Lending Act would require the report conducted by the Comptroller General to include analysis of the law and oversight on the mortgage lending industry, with a specific focus on the availability of credit.  

“Credit is the lifeblood of a strong housing market.  As Congress works to address the many challenges plaguing our housing market, it will be critical that government does not take steps that strangle the availability of credit to homebuyers,” Paulsen said.  “While we need protections in place to ensure we do not see major mortgage problems in the future, I’m  concerned that recent actions taken in Congress will hamper the availability of credit and ultimately drive up costs for homebuyers and lenders.   By requiring this report, we can be in a better position to amend and revise the law in order to strengthen the credit markets, rather than impede them.”

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