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WASHINGTON — Taking aim at deceptive lending, the Senate voted Wednesday to ban mortgage brokers and loan officers from getting greater pay for offering higher interest rates on loans and to require that borrowers prove they can repay their loans.
The Senate rejected a measure that would have required homebuyers to make a minimum down payment of 5 percent on their loans. The votes were part of the Senate’s deliberations on a broad overhaul of financial regulations designed to avoid a repeat of the financial crisis.
