A Timely Mortgage Fix (excerpt)
By Steven Pearlstein
The Washington Post
November 18, 2007

It is a red letter day when Congress is able to fight off the special interests, put aside partisanship, and actually address a serious economic problem. That’s exactly what the House of Representatives did last week with passage of a bill reforming the mortgage lending industry.

The bill sets national standards, outlaws fraudulent and abusive practices, and requires investment bankers to exercise a minimum duty of care in packaging and securitizing mortgage loans. The lion’s share of the credit goes to the chairman of the House Financial Services Committee, Rep. Barney Frank of Massachusetts, whose focus, knowledge and knack for dealmaking make him a rarity in the Capitol these days…

It’s possible to quibble with some of the details of the legislation…On the other hand, Frank, a Democrat, is to be commended for standing up to consumer and housing advocates who opposed federal preemption of state laws and regulations, which in some instances are more stringent than in the House legislation…