AFX News Limited House committee set to approve mortgage origination standards today ,

WASHINGTON (Thomson Financial) - The House Financial Services Committee is expected to pass legislation today setting out new rules mortgage originators would have to follow to protect borrowers, and make mortgage securitizers liable for damages if they securitize mortgages that do not conform to these rules. The bill, which is being considered in an all-day session today, is expected to be approved at the committee level over opposition from mortgage bankers and financial services companies.

It is also being considered even though the Federal Reserve has said it is preparing its own rules that would crack down on abusive lending practices, and warned House members last month that Congress should tread carefully as it considers legislative proposals.

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