The word is that the Senate version of a housing assistance bill being negotiated (National Journal story on bill) by Banking Chairman Chris Dodd (D-CT) and ranking member Richard Shelby (R-AL) may not include the important and broadly bi-partisan House-passed Miller-Watt amendment (previous blog) that simply guarantees states the right to enforce state foreclosure laws (there are no federal foreclosure laws).

The American Banker has also reported that "a section on mortgage broker and originator licensing that would have specified that states could enforce stricter standards has been stripped." These are troubling developments.