Wachovia to Lobby Congress on Mortgages

The House last week passed a bill aimed at protecting borrowers from abusive home loans. It would ban lenders from making loans that borrowers can't repay, establish a nationwide licensing system for mortgage brokers and make Wall Street banks that package mortgage securities into investments liable for violations of lending laws.

But the banking industry argues the bill is an overreaction to the mortgage market's problems and suggested a flood of lawsuits could result if it becomes law. The industry and its supporters said the market has pulled back from lax lending practices.

The lobbying disclosure form was posted online Wednesday by the Senate's public records office.

Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995. They must register with Congress within 45 days of being hired or engaging in lobbying.

Wachovia is based in Charlotte, N.C.