Senate Bills Take Aim at Regulating Lenders

Pittsburgh Post-Gazette (03/13/08); Toland, Bill
Pennsylvania's state legislators are hopeful that a package of six bills aimed at regulating lenders more closely will be ready for a vote this summer. The legislative measures--approved unanimously by the Senate earlier in the week--would reduce certain loan fees, impose higher industry penalties and keep a closer watch on individual mortgage originators. Supporters believe the new regulations will go a long way toward reducing the number of people who take out loans that they cannot afford. State Sen. Pat Browne (R-Lehigh), a prime sponsor of the bills, remarks, "While Pennsylvania has fared better than many states as a result of the collapse of the housing market, we have many, many families suffering as a result of predatory lending and other questionable mortgage practices in the past."