Press Releases

House Financial Services Committee Ranking Member Spencer Bachus applauded the inclusion of a national licensing system for mortgage originators in GSE reform legislation approved by the Senate Banking Committee today. Bachus proposed a national registry to enhance accountability and professionalism in the mortgage origination industry in legislation (H.R. 3012) he first introduced… Read more »

"HUD's decision to give the public 30 additional days to comment on a proposed federal rule to simplify the settlement process for homebuyers is an important, constructive and welcomed step. "Last month, 11 Republican Committee Members joined me in sending a letter to HUD asking that the public comment period for a proposed rule reforming Real Estate Settlement Procedures Act… Read more »

On April 25th, House Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Ranking Member Deborah Pryce (R-OH) sent a letter to Securities and Exchange Commission Chairman Christopher Cox regarding the loss of liquidity in the market for auction rate preferred securities. In their letter,… Read more »

House Financial Services Committee Ranking Member Spencer Bachus, along with Reps. Shelley Moore Capito and Judy Biggert, has introduced Republican legislation to address recent instability in the housing market. The goal of the Bachus bill is to complement current public and private efforts to help struggling homeowners afraid of losing their homes. At the same time, Bachus is most… Read more »

House Financial Services Committee Ranking Member Spencer Bachus today released the following statement on the "best practices" recommendations for investors and asset managers contained in reports issued by two private sector advisory committees to the President's Working Group on Financial Markets. "The President's Working Group on Financial Markets is to be commended… Read more »

"Today the Federal Reserve Board released its proposed new regulations under the Home Ownership Equity Protection Act (HOEPA). The regulations complement recent efforts on the part of Congress and the Administration to help struggling homebuyers. Specifically, the proposed regulations include several provisions, including prepayment penalties and escrowing of taxes and insurance,… Read more »

Rep. Spencer Bachus, Ranking Member of the House Financial Services Committee, praised S.E.C. Chairman Christopher Cox's decision to delay until 2009 the requirement that small companies report on the state of their internal financial controls. Last week Bachus sent a letter to Chairman Cox asking the Commission to delay for one year the requirement for auditor attestation to accompany… Read more »

"Members of the Financial Services Committee as well as members of the full House share Secretary Paulson's view that we must address the housing finance crisis. Two key elements of a reform plan - FHA and GSE reform legislation - passed the House during both the 109th and 110th Congresses. The Senate should take action on both these important reform proposals before recessing for… Read more »

Today House Financial Services Committee Ranking Member Spencer Bachus cosponsored and voted for bipartisan legislation to combat predatory lending practices. H.R. 3915, The "Mortgage Reform and Anti-Predatory Lending Act of 2007," passed the House by a bipartisan vote. "Chairman Frank and I worked closely together to reach consensus on subprime lending reform,"… Read more »

Thank you, Mr. Chairman, for holding this important hearing on the Jubilee Act, and thanks to Chairman Waters for her leadership on this issue. I have been proud to work with her on debt-reduction and poverty-alleviation legislation for nearly a decade, and I am happy to say these efforts have been remarkably successful. Mr. Chairman, I was one of 14 thousand Americans who took part… Read more »