Portland, Ore. Feb. 21, 2008- Today, Rep. Chip Shields (D-N/NE Portland) cast one of the deciding votes in the Oregon House of Representative's passage of the Responsible Mortgage Lending Act. The legislation, HB 3603 A, limits prepayment penalties and requires disclosure of payments to brokers who steer potential homeowners into specific loans. The bill passed on a narrow 31-29 vote.

"I came into this special session determined to help homeowners who are facing or could face foreclosure. We moved forward in that task with the passage of HB 3630 last week. Today, we made an important advance by limiting prepayment penalties, which often trap new homeowners and force them into foreclosure," said Rep. Chip Shields.

Against what sometimes looked to be insurmountable odds, the House bucked the politicial tide led by the mortgage industry and passed the bill.

The bill now moves to the Senate for consideration.

Rep. Shields vowed to continue the fight for responsible lending and fairness in the January 2009 session.

For more information, call Rep. Shields' office at 503- 231-2564 or go to his website at www.leg.state.or.us/shieldsc.

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