Commission on the Foreclosure and Mortgage Lending Crisis Act - Establishes in the legislative branch the Commission on the Foreclosure and Mortgage Lending Crisis to: (1) study and report to Congress on the current legal and regulatory framework governing the housing mortgage lending markets and how it contributed to the increased foreclosure rate; (2) recommend changes to the current framework to prohibit lending practices that have contributed to the mortgage lending crisis; (3) review the impact of subprime abuses and predatory lending practices; (4) assess the role of states in enacting policies to reduce predatory lending practices and abuses in the subprime markets; (5) assess the impact of mortgage-backed securities and the Federal National Mortgage Corporation (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) upon the mortgage lending crisis; and (6) assess the impact of the Community Reinvestment Act of 1977 on the crisis.
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