Barr’s Portfolio Lending and Mortgage Access Act Passed by House of Representatives

Barr’s Portfolio Lending and Mortgage Access Act Passed by House of Representatives

WASHINGTON, D.C. – November 19, 2015 – (RealEstateRama) — The House of Representatives today passed H.R. 1210, the Portfolio Lending and Mortgage Access Act introduced by Congressman Andy Barr (KY-6) in a bipartisan vote of 255 to 174.  The bill promotes affordable home financing and discourages the practice of securitizing and selling of mortgages that led to the 2008 financial crisis and the resulting taxpayer bailouts of Fannie Mae, Freddie Mac, and large systemically important financial institutions.

The Independent Community Bankers Association reports that 73 percent of community bankers have decreased their mortgage business or completely stopped providing mortgage loans due to the expense of complying with the Qualified Mortgage regulation.

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