Oregonian (02/22/08); Frank, Ryan; Mapes, Jeff
House Bill 3603, a scaled-back mortgage reform proposal, barely passed the Oregon House this week by a 31-29 vote. Observers note that the legislative wrangling may continue in the state Senate, but only if there is sufficient support among majority Democrats. If passed, the measure not only would place a limit on penalties for subprime borrowers looking to pay off their loans early, it also would expand disclosures on incentives that lenders pay to brokers for selling borrowers a higher rate loan--a practice known as yield spread premium. Consumer advocates who had championed the original legislation have since withdrawn their support for the bill amid strong industry opposition and watered-down reforms.
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