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WASHINGTON (AP) - Congress is looking at potential reforms to risky home lending practices, although a House subcommittee hearing on Tuesday suggests lawmakers are still sorting out the complex workings of the mortgage market and wondering whether reforms will be necessary or helpful.
With the number of foreclosures nationally jumping 47 percent in March from a year ago, lawmakers are weighing whether new lending rules are needed or whether the market is already in the process of self-correcting. The task of crafting reforms is made more complicated by the long list of players involved in mortgage transactions.
"There is a very complicated web of contributors to this issue that makes it very difficult and unwieldy to unwind," said Rep. Melvin Watt, D-N.C., at Tuesday's hearing of the House Subcommittee on Financial Institutions and Consumer Credit.
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