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A second option would increase borrowers' ability to challenge a mortgage in court.
Addressing borrowers' ability to repay loans has been the focus, Mr. DeMarco said.
But a simpler rule could better assure borrowers' ability to repay and simultaneously create greater repayment flexibility.
Mr. Frank's proposed change would not improve borrowers' ability to pursue legal remedies against Wall Street under federal law.
*Lenders would be required to consider borrowers' ability to repay and notify them that impartial credit counseling is available.
The economy slowed in the fourth quarter, pinching growth at many financial companies and raising concerns about borrowers' ability to repay debt.
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Lenders approved mortgages based on borrowers' abilities to pay at the low initial rate, not the potential higher one, he said.
In the mid-2000s, lextendedxtended mortgage credit based on housing values rather than borrower ability to repay.
Mr. Tracy said that although he believed financial literacy and math skills were important predictors of a borrower's ability to pay, borrowers deficient in those respects would most likely also have weak credit scores.
As he sees it, the value of all mortgage-backed securities would rise immediately with the borrowers' sudden ability to pay.
Some lenders handed out mortgages with only cursory checks on borrowers' real ability to repay.
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