Jeff Merkley: “Today, we have two amendments that address integrity in retail mortgage origination. I am certainly encouraging you to…”

“Today, we have two amendments that address integrity in retail mortgage origination. I am certainly encouraging you to place your vote squarely for the Merkley-Klobuchar amendment. This amendment is critical to end no-document liar loans--a big factor in the meltdown that occurred last year. Second, it establishes underwriting integrity so that underwriters will look at loan to value, credit history, and current obligations-- again, integrity of mortgages--which enables loans to be securitized and creates liquidity so families can get loans at a lower interest rate. Third, the Merkley-Klobuchar amendment ends steering payments. This is essential. The originators have been in an awkward position where they have been paid bonuses for making deals that weren't in their clients' interests.”