Action on legislation that would impose greater regulations and disclosure on high cost second mortgages is expected to accelerate as a component of a bipartisan legislative package now being drafted in the Senate Banking Committee.

In fact, a markup of the legislation could occur later this month, according to the comments of one member of the panel. That is raising concerns among banking regulators and the secondary market because of fears the legislation will have an unintended spillover effect on the general mortgage market, home equity lending and the secondary market.

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