It is a red-letter day when Congress is able to fight off the special interests, put aside partisanship and actually address a serious economic problem. That's what the House of Representatives did last week with the passage of a bill reforming the mortgage lending industry.

The bill sets national standards, outlaws fraudulent and abusive practices and requires investment bankers to exercise a minimum duty of care in packaging and securitizing mortgage loans. The lion's share of the credit goes to the chairman of the House Financial Services Committee, Rep. Barney Frank of Massachusetts, whose focus, knowledge and knack for dealmaking make him a rarity in the Capitol these days.

It's possible to quibble with some of the details of the legislation, like giving mortgage borrowers a right to sue passive investors who buy a security backed by hundreds of different mortgages. A right of action against the securitizers ought to suffice.

On the other hand, Frank, a Democrat, is to be commended for standing up to consumer and housing advocates who opposed federal pre-emption of state laws and regulations, which in some instances are more stringent than in the House legislation.

From a practical standpoint, demanding that national lenders conform their products to 50 different regulatory regimes is inefficient and costly. And from a policy standpoint, it is more than a tad hypocritical for liberals to become their champion when it comes to consumer regulation.

The bad news is that, despite the gathering economic storm around the mortgage market, the House bill faces uncertain prospects in the Senate, thanks in large part to Alabama's Richard C. Shelby, ranking Republican on the Senate Banking Committee, who has shown over the years he is deeply in the pocket of the mortgage industry and would rather listen to himself talk than get something done.