Legislation intended to curb lending abuses was introduced today by the Maine Speaker of the House.

The bill, called the Maine Homeowner Protection Act, seekss to curb an increase in foreclosures in Maine by requiring greater disclosure of fees and payment structures for mortgages. The law would impose limits on subprime mortgages, which are loans for homeowners with poor credit histories.

Many of the foreclosures are caused by high fees and pre-payment penalties, which make it expensive for a borrower to refinance, as well as adjustable rate mortgages that start out with relatively low interest rates that can rise dramatically after two years.

The bill is backed by Rep. Glenn Cummings, D-Portland, who is the House Speaker.