Pelosi Statement on House Passage of Mortgage Reform and Anti-Predatory Lending Act

Contact: Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. -Speaker Nancy Pelosi released the following statement today on House passage of the Mortgage Reform and Anti-Predatory Lending Act, which passed the House today by a vote of 300 to 114.

"The Mortgage Reform and Anti-Predatory Lending Act will protect homeowners and our economy from the questionable and predatory lending practices that led to record home foreclosures and helped cause the worst financial crisis since the Great Depression.

"The simple fact is that our laws and enforcement efforts did not keep pace with the complexities of a global economy and a financial industry where the greed of some trumped common sense.

"Insisting on responsible borrowing and lending and ensuring that borrowers enter into mortgages they can repay or refinance will help families protect their most valuable asset -their home -and guard against another financial and housing market meltdown. This legislation represents a key piece in Congress' initial efforts to revamp the nation's financial regulations to restore integrity and common sense to our nation's economy.

"The passage of this bipartisan legislation, along with our Credit Cardholders' Bill of Rights and the Fraud Enforcement and Recovery Act, illustrates the New Direction Congress' continued commitment to protecting taxpayers and fighting for consumers and small business owners. I look forward to seeing these landmark consumer and taxpayer protection bills signed into law soon by President Obama."