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.
