Posey Legislation Would Halt Overzealous Regulators from Arbitrarily Penalizing Banks Working With Businesses and Homeowners

Washington, DC – June 7, 2011 – (RealEstateRama) — Congressman Bill Posey (R-FL) was joined by 17 of his House colleagues in introducing legislation to aid economic recovery by preventing federal bank regulators from arbitrarily penalizing community banks for working with borrowers to modify their loans or accepting mortgage payments from someone other than the borrower. Since the 2008 financial crisis, federal bank regulators have been unnecessarily obstructing the ability of community banks to make and modify loans to small businesses and mortgage recipients.