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RECENT VOTESLose the Freedom to Make a Fair Mortgage Choice ActOn Wednesday the House considered H.R. 1153, the Mortgage Choice Act. With this legislation, House Republicans are once again attempting to weaken the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under Dodd-Frank mortgage lenders are required to assess whether a borrower has the ability to pay back the loans they are requesting. This is called the “ability to repay” rule. That rule also caps points and fees on mortgage add-on products such as title insurance and escrow fees, limiting them to no more than 3% of the amount being borrowed. H.R. 1153 would lift the cap on title companies and other service providers that are affiliated with the mortgage lender, taking us back to the crisis days when countless homebuyers fell victim to high fees generated through steering and collusion. This bill is a giant step backwards for homebuyers. I voted NO. H.R. 1153 passed and the entire vote is recorded below:
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