Political Quotes

“this bill which the gentleman from California (Mr. Royce) has introduced has broad support and that is bipartisan support. It also has broad cosponsorship from both sides of the aisle. The bill has been modified from an earlier version which was in the 106th Congress to address concerns raised by consumer groups. Now the Consumer Mortgage Coalition has endorsed the bill, as has the American Financial Services Association and the Mortgage Banking Association. They all support this legislation. The bill is drafted to be consistent with the previous recommendations by the Federal Trade Commission to apply the Fair Debt Collection Practices Act protections based on the nature of the overall business conducted by the party to be exempted, rather than the status of individual obligations when the party obtained them. H.R. 163 is even narrower than the FTC recommendation. It only exempts mortgage servicers from the Miranda notices required by Section 8071 on original first lien Federal-backed mortgages. All other borrower protections provided by the Fair Debt Collection Practices Act remain in full force.”