Sens. Feinstein and Martinez Aim to Curb Loan Abuse

SAN FRANCISCO (AP) - In an attempt to curb abusive lending practices that have contributed to the nation's subprime mortgage crisis, Senators Dianne Feinstein and Mel Martinez have introduced a bill that would establish professionals standards for mortgage brokers and lenders.

The bipartisan bill, introduced Wednesday in Washington, would ensure that all mortgage professionals are trained in legal aspects of lending, ethics and consumer protection before they are granted a license.

Feinstein, a California Democrat, and Martinez, a Florida Republican, represent states hard hit by the current subprime mortgage and foreclosure debacle wreaking economic havoc across the nation.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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