Dodd Calls for Subprime Mortgage Law to Boost `Accountability'

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Updated: New York, Aug 10 23:38 London, Aug 11 04:38 Tokyo, Aug 11 12:38
By Heidi Przybyla and Alison Vekshin

Aug. 10 (Bloomberg) -- Senate Banking Committee Chairman Chris Dodd said he is drawing up legislation to strengthen subprime mortgage lending standards amid a credit crunch that has shaken financial markets around the world.

``Clearly, the brokers need to be regulated,'' Dodd, a Connecticut Democrat, said during an interview on ``Political Capital with Al Hunt,'' scheduled to air this weekend on Bloomberg Television. Lending standards need ``some accountability here so that people have some sense of a person's ability to pay.'' ~snip~

The senator has written a book to be published next month based on letters written by his father, Thomas Dodd, a former senator who also was a prosecutor at the Nuremburg trials of Nazis following World War II.

``Letters from Nuremberg: My Father's Narrative of a Quest for Justice'' holds lessons for the current administration about the importance of upholding the rule of law in an international court system, said Dodd. ~snip~

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