Predatory Lending Reform
May 17, 2009 by mlfudge
Filed under Featured Articles, Predatory Lending
“There are honest, decent mortgage brokers and agents in the industry. Then there are a relatively few number of unscrupulous individuals who earn their commission through deception. The Predatory Mortgage Lending Practices Reduction Act of 2009 would help protect consumers from the latter class of lenders by ensuring that all related personnel are properly trained and held accountable.”
Join the Fight Against Predatory Lending Practices
The Center For Responsible Lending predicted that our country experiences 6,600 foreclosures a day. At that rate, over 1 million families will experience the devastation of losing their home by the end of the year.
Recently, I introduced my first bill of the session, H.R. 2108, the Predatory Mortgage Lending Practices Reduction Act of 2009. Not only is this bill desperately needed in the 11th District of Ohio, but as we see from the statistics, it is needed throughout our country.
With stricter accountability measures in place, we can assure the following:
- A certification process for mortgage lenders issuing subprime loans
- An easier process for filing complaints against unethical lenders
- Fines and penalties for violation of federal predatory lending laws
I need you to join the fight against predatory lending practices. Let your voice be heard by leaving your comments.
It is too late to save the homes already lost to foreclosure. But we can insure that our families will never again fall victim to deceptive loan practices.
Let Washington know that predatory lending practices must end. Show your support today.
I wish you luck with your efforts.
I fully support the new bill you have introduced to Congress!!! Rep. Fudge, you continue to be a catalyst for change for by taking bold steps to improve the lives of the residents in the 11th Congressional District! Thanks for all you do
Stop the unscruiously practices of predatory lending. Make all lending institutions accountable.
I applaud Congresswoman Marcia Fudge on the introduction of H.R. 2108 Predatory Mortgage Lending Practices Reduction Act 2009. As a member of city council in the City of East Cleveland, I see the impact foreclosures have had on our community. The East Cleveland School District has been hard hit with the declining enrollment with the loss of available housing.
On a personal note,I recently recieved a 3200.00 refund from my mortgage and a reduction in my mortgage payment from 1900.00 to 990.00 a month. Why the substantial reduction? These Lenders have been under fire for their unscrupulous ripoff practices. I am grateful for the works of President Obama and the 110th Congress for their dedication to righting the wrongs of all Lenders. Thank you Congresswoman Marcia Fudge a letter of support is forthcoming from East Cleve City Council Dr J Jordan, Councilor
Predatory lending practices are a preventable cancer that infects our entire society, from the individual victim to all he or she impacts, including future generations and ultimately our entire standard of living and survival. My feelings were written and shared during the Payday Loan controversy in an article in VISIONS Newsletter on the web site above.
My brother lost his house on East 147th Street in Cleveland, Ohio despite working two jobs at almost 16 hours per day. He is a good Christian man active at Providence Baptist Church but there was no relief from his mortgage company. He did not fully understand the consequences of his preditory loan.
He has three children and a wife that suffered as they went through the humiliation of losing their home. When something like this happens it is not a secret in the neighborhood. Moreover, the relief that will come with Congresswoman Fudge’s proposed bill should protect the fairness and security of our families. Regretably, the proposed relief is coming too late to help my brother who should receive some compensation for an unfair and ineffective regulation of an industry out of control.
Please support the Congresswoman in her effort to correct a serious wrong.
The “fat cats” that have benefited from these unsavory methods should be brought to account! Let’s take a look at their savings accounts and properties gained at the expense of our inner city residents.
The Predatory lending practices should be stopped immediately. Accountability and measures need to put in place for those who are on the recieving end of unethical and unwarranted measures that are motivated by greed and unsubstantiated reasoning. Totally unacceptable by and for the United States Of America.