The fresh new Exclude Predatory Financing Work (H. Mel Watt (NC) which have Agent. Brad Miller (NC) and you will Representative. Barney Frank (MA) Cosponsored by the 65 members of Congress plus CBC users Associate. Sanford Bishop (GA), Associate. Corrine Brownish (FL), Representative. G.K. Butterfield (NC), Agent. Julia Carson (IN), Del. Donna Christensen (VI), Rep. Wm. Lacy Clay (MO), Representative. James Clyburn (SC), Associate. John Conyers (MI), Agent. Elijah Cummings (MD), Rep. Artur Davis (AL), Representative. Chaka Fattah (PA), Agent. Harold Ford Jr. (TN), Associate. Al Environmentally friendly (TX), Agent. Jesse Jackson Jr. (IL), Rep. Sheila Jackson-Lee (TX), Agent. William Jefferson (LA), Agent. Eddie Bernice Johnson (TX), Rep. Stephanie Tubbs Jones (OH), Associate. Carolyn Kilpatrick (MI), Associate. Barbara Lee (CA), Agent. John Lewis (GA), Representative. Cynthia McKinney (GA), Associate. Kendrick Meek (FL), Representative. Gregory Meeks (NY), Rep. Gwen Moore (WI), Del. Eleanor Holmes Norton (CD), Agent. Biggest Owens Georgia title and loan (NY), Agent. Donald Payne (NJ), Rep. Charles Rangel (NY), Associate. Bobby Hurry (IL), Rep. David Scott (GA), Rep. Bobby Scott (VA), Representative. Bennie Thompson (MS), Rep. Edolphus Towns (NY), Associate. Maxine Seas (CA), Representative. Diane Watson (CA), Agent. Mel Watt (NC), and you may Representative. Al Wynn (MD)
A costs in order to exclude people, regarding the a good subprime federally relevant home loan, from delivering mortgage lending provider otherwise financial brokerage functions except if such as for example person is official because of the Assistant from Casing and you may Urban Creativity possesses come sufficiently given it regard to subprime credit
A bill so you can demand limitations and you will constraints towards higher-rates mortgage loans, so you can update the new permissible costs and you may costs on the certain types of money, so you can prohibit unfair or inaccurate credit strategies, in order to allow for societal training and you can guidance throughout the predatory loan providers. Labeled as this new Miller-Watt-Honest statement.
Supporting home ownership and responsible financing (H.Scam.Res. 127) 110th Congress Brought by Representative. Elijah Cummings (MD) Cosponsored of the Agent. Keith Ellison (MN)
A good concurrent solution saying the feeling out of Congress you to definitely guidelines is feel introduced that protects customers who were victims of unethical mortgage brokers and you can loan providers.
Giving support to the purpose of increased and you may green homeownership from the Joined Claims (H.Scam.Res. 392) 110th Congress Produced by the Associate. Alcee Hastings (FL) Cosponsored of the 8 almost every other members of Congress including CBC participants Representative. Sanford Bishop (CA), Representative. Artur Davis (AL), Representative. Al Eco-friendly (TX), Representative. Carolyn Kilpatrick (MI), Associate. Kendrick Meek (FL), Agent. Stephanie Tubbs Jones (OH), and you may Agent. Barbara Lee (CA)
An excellent concurrent solution supporting the purpose of increased and you may green homeownership in the united states and you will acknowledging the importance of homeownership software, fair credit regulations, and you can reasonable homes legislation from inside the finding one mission.
Fudge intricate a tight qualification program to own mortgage brokers and you will representatives exactly who topic subprime fund also a sleek procedure to possess filing problems facing shady brokers and you may agencies
Recognizing the newest disparities that will be of the predatory credit into the minority communities (H.Con.Res. 391) 110th Congress Delivered from the Yvette Clarke (NY) Cosponsored from the Representative. Edolphus Places (NY)
An excellent concurrent quality recognizing the new disparities which might be regarding the predatory lending violations inside the fraction organizations and you may declaring the sense of your own Congress you to definitely once the the latest abuses still emerge, such as for instance guidelines will be make sure every one of these responsible for symbolizing and you will securing family members have the power to behave to handle these types of new dilemmas.
Mortgage Reform and you can Anti-Predatory Lending Act (H.Roentgen. 1728) 111th Congress Lead by the Rep. Mel Watt (NC) which have Rep. Brad Miller (NC) and you will Agent. Barney Frank (MA) Cosponsored by the five other people in Congress
A bill to change consumer mortgage techniques and offer responsibility to own like methods as well as render specific minimal criteria to possess user mortgages.
Representatives Maxine Oceans (CA-43) and pioned the difficulty from fair lending by introducing legislation to bring in control lending techniques. Into the 2001, Agent. Waters, a commander on monetary issues for the Congress and you will outspoken critic out-of predatory financing methods, introduced this new Protecting All of our Communities away from Predatory Credit Operate. The bill is actually aimed at protecting borrowers off shedding property to predatory credit of the, on top of other things, prohibiting lenders away from making false, inaccurate, or misleading comments or direction people to your greater risk loans than simply they might if you don’t be eligible for. Within her 2009 Predatory Financial Financing Strategies Protection Act, CBC chair Agent.
A statement to authorize the fresh new Secretary of Housing and Urban Creativity while making provides so you’re able to States, tools out-of local government, and you will nonprofit teams to have counseling and you will education applications on the protection regarding predatory credit and to present a cost-free phone number to possess problems out of predatory financing.
