Brand new Prohibit Predatory Credit Operate (H. Mel Watt (NC) with Representative. Brad Miller (NC) and you can Associate. Barney Frank (MA) Cosponsored by 65 members of Congress including CBC players Agent. Sanford Bishop (GA), Associate. Corrine Brown (FL), Associate. G.K. Butterfield (NC), Rep. Julia Carson (IN), Del. Donna Christensen (VI), Rep. Wm. Lacy Clay (MO), Associate. James Clyburn (SC), Rep. John Conyers (MI), Associate. Elijah Cummings (MD), Associate. Artur Davis (AL), Rep. Chaka Fattah (PA), Associate. Harold Ford Jr. (TN), Associate. Al Eco-friendly (TX), Associate. Jesse Jackson Jr. (IL), Rep. Sheila Jackson-Lee (TX), Agent. William Jefferson (LA), Agent. Eddie Bernice Johnson (TX), Agent. Stephanie Tubbs Jones (OH), Rep. Carolyn Kilpatrick (MI), Associate. Barbara Lee (CA), Associate. John Lewis (GA), Agent. Cynthia McKinney (GA), Rep. Kendrick Meek (FL), Rep. Gregory Meeks (NY), Associate. Gwen Moore (WI), Del. Eleanor Holmes Norton (CD), Representative. Big Owens (NY), Representative. Donald Payne (NJ), Rep. Charles Rangel (NY), Agent. Bobby Hurry (IL), Agent. David Scott (GA), Rep. Bobby Scott (VA), Agent. Bennie Thompson (MS), Associate. Edolphus Metropolises (NY), Rep. Maxine Oceans (CA), Agent. Diane Watson (CA), Agent. Mel Watt (NC), and Representative. Al Wynn (MD)
A bill in order to exclude individuals, in connection with a beneficial subprime federally related mortgage, regarding delivering mortgage financing service or financial broker functions unless like person is specialized from the Assistant of Casing and you will Urban Invention and it has become acceptably trained with reference to subprime lending
An expenses to help you enforce restrictions and you can constraints to your large-cost mortgage loans, to revision the newest permissible charges and you can costs with the certain types of loans, so you can exclude unfair or misleading credit methods, and allow for social training and you may counseling from the predatory loan providers. Called the fresh Miller-Watt-Honest statement.
Support owning a home and you will in control lending (H.Con.Res. 127) 110th Congress Introduced by the Rep. Elijah Cummings (MD) Cosponsored by Rep. Keith Ellison (MN)
A beneficial concurrent quality declaring the feeling out of Congress one to guidelines is always to be enacted you to protects customers have been victims away from unscrupulous lenders and you may loan providers.
Giving support to the aim of increased and you can renewable homeownership throughout the Joined States (H.Ripoff.Res. 392) 110th Congress Brought of the Rep. Alcee Hastings (FL) Cosponsored by the 8 almost every loans in Torrington other members of Congress along with CBC users Representative. Sanford Bishop (CA), Agent. Artur Davis (AL), Rep. Al Green (TX), Associate. Carolyn Kilpatrick (MI), Agent. Kendrick Meek (FL), Associate. Stephanie Tubbs Jones (OH), and you can Associate. Barbara Lee (CA)
A good concurrent quality giving support to the purpose of improved and you may alternative homeownership in the united states and you will acknowledging the significance of homeownership programs, reasonable lending laws, and you will fair housing legislation when you look at the finding you to definitely objective.
Fudge detail by detail a rigorous certification system to possess mortgage brokers and agents exactly who procedure subprime fund including a streamlined procedure getting processing issues facing shady agents and representatives
Acknowledging the disparities which might be for the predatory credit from inside the minority organizations (H.Scam.Res. 391) 110th Congress Put by Yvette Clarke (NY) Cosponsored because of the Rep. Edolphus Metropolises (NY)
Good concurrent solution accepting the disparities that are in the predatory financing violations during the minority groups and saying the sense of your Congress one to as the the abuses continue steadily to emerge, instance laws would be to make sure that all these accountable for representing and protecting family feel the expert to behave to address this type of the fresh problems.
Mortgage Change and you will Anti-Predatory Financing Work (H.Roentgen. 1728) 111th Congress Put of the Representative. Mel Watt (NC) which have Agent. Brad Miller (NC) and you may Associate. Barney Honest (MA) Cosponsored of the five almost every other members of Congress
An expenses so you’re able to reform user mortgage methods and supply accountability for such as for instance strategies and to promote specific minimum conditions to own consumer mortgage loans.
Agencies Maxine Waters (CA-43) and you will pioned the challenge off reasonable financing of the introducing legislation to offer in charge credit methods. During the 2001, Agent. Oceans, a frontrunner on financial affairs inside the Congress and you will outspoken critic of predatory lending techniques, brought the latest Securing Our Teams away from Predatory Financing Operate. The balance try intended for securing consumers from shedding land so you can predatory financing by the, among other things, prohibiting lenders out-of and work out not the case, inaccurate, otherwise misleading comments otherwise steering consumers for the higher risk fund than they might or even qualify for. Within her 2009 Predatory Mortgage Financing Techniques Reduction Operate, CBC couch Rep.
An expenses so you’re able to approve the fresh new Secretary regarding Homes and you may Metropolitan Invention and come up with provides to help you Claims, tools regarding local government, and nonprofit groups to own counseling and you can training apps to your prevention of predatory lending in order to present a toll-100 % free phone number having issues of predatory credit.