Sens. Boxer and Isakson call for mortgage disclosure
Two prominent members of the Senate Ethics Committee have introduced legislation that would require members of Congress to fully disclose all residential mortgages on personal financial disclosures. Currently, mortgages on personal residences are exempt from reporting requirements.
Sen. Barbara Boxer (D-Calif.), the committee chair, and Sen. Johnny Isakson (R-Ga.), the vice-chair, crafted the legislation requiring a "full and complete" disclosure of mortgages. This would include the date the mortgage was entered, the range of the amount, the interest rate, the term, and the name and address of the creditor.
The senators announcement last week came as ethics complaints were dismissed against Sens. Chris Dodd (D-Conn.) and Kent Conrad (D-N.D.). The complaints alleged the senators received improper discounts on mortgages from Countrywide.
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