Mortgage Reform and Anti-Predatory Lending Act

Dear Mr. Shaw:

Thank you for contacting me regarding H.R.3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007. I appreciate your thoughts and the opportunity to respond.

As you know, this legislation amends the Truth in Lending Act. The bill would establish a national minimum lending standard, while making companies that back risky mortgages liable when financial markets deteriorate. If passed the bill would create a nationwide mortgage licensing system. Lenders would be prohibited from directing consumers into loans they are unlikely to be able to pay back. Lastly, the bill prohibits lenders from collecting excessive fees or practices that may lead a barrower to foreclosure, as well as prepayment penalties and forcing customers to participate in binding arbitration.

I made a speech on the Senate floor to address the sub-prime mortgage industry, text of this speech can be found on my website through the following link, It is my opinion that we do not need to overreact to what is going on in the sub-prime mortgage industry, rather we should be correcting the mistakes in the industry such as implementing stricter underwriting and documentation standards in order to qualify for these loans. Rest assured, I will continue to closely monitor this situation, and thank you again for contacting me with your thoughts on this issue.

Thank you again for contacting me. Please visit my webpage at for more information on the issues important to you and to sign up for my e-newsletter.

Johnny Isakson
United States Senator


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