On the recordOctober 7, 2015
I reserve the balance of my time. Mr. McGOVERN. Mr. Speaker, how much time do I have remaining? The SPEAKER pro tempore. The gentleman from Massachusetts has 3\1/2\ minutes remaining. Mr. McGOVERN. Mr. Speaker, I yield myself the remainder of my time. Mr. Speaker, I insert into the Record a letter signed by a number of civil rights organizations, all opposed to this bill because of the provision that Ms. Waters and I have been talking about now for close to an hour. October 5, 2015. Dear Member of Congress: We are writing to urge you to oppose H.R. 3192, which insulates lenders from accountability when they make misleading disclosures to homeowners. The bill, which suspends liability to individuals and government for the first four months after the new mortgage disclosure rules take effect, undermines compliance with the new rules by letting lenders off the hook even where homeowners have been harmed. Homeowners who would receive false or misleading mortgage cost disclosures during such a period would have no remedy. Moreover, it sets a dangerous precedent by suspending liability where legal rules apply. The mortgage industry, after having had approximately two years to implement the new disclosure requirements, was given an additional reprieve when the effective date was extended to October 3, 2015.…
