(Source: Realty Times)

Hearings and debate continued almost non-stop last week on Capitol Hill as House leaders pushed controversial legislation to create a Consumer Financial Protection Agency with far-reaching powers affecting mortgages and real estate.

House Financial Services committee chairman Barney Frank, a Massachusetts Democrat, is sponsoring the main legislative proposal to create the agency and has promised to report the bill out of committee, and possibly to the House floor for a vote, before the August congressional recess.

Frank and many other Democrats believe a new agency is needed to prevent a reoccurrence of the severe damage done to home owners, buyers, mortgage borrowers by the sort of lax regulatory oversight of mortgage products that led to the mortgage meltdown and housing bust.

Read Kenneth R. Harney’s full article “Washington Report: Controversial Legislation” in Realty Times (July 20, 2009).

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