Portfolio Lending and Mortgage Access Act

Floor Speech

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Mr. THOMPSON of California. Mr. Speaker and Members, the bill on the floor before us is a rotten deal for all consumers, but it is especially bad for our servicemembers.

When you are a servicemember, you are often forced to relocate with little notice. That puts our men and women in uniform under tremendous pressure to obtain housing for themselves and for their families, all the while managing the enormous duties that military service requires. It is a lot to handle. We know this and so do the financial predators. That is why we often see them setting up shop around our military bases.

If a servicemember is targeted and sold a bad mortgage, why don't the authors of this bill want to allow them some recourse to make things right?

As a combat veteran, I understand the pressures placed on our military. Our men and women in uniform often don't have the time to investigate mortgages in detail. They have to trust that no one is taking advantage of them. The problem is people often do take advantage of them. It is a despicable practice that is matched only by the majority's bill, which denies them the opportunity to sue the predatory lender to make things right.

My amendment would change this. It would allow any servicemember or veteran to sue a predatory lender regardless of who holds the loan. The mere fact that a predatory lender holds a bad mortgage shouldn't prevent servicemembers from being able to take action to make things right.

I know my colleagues on the other side are going to vote to deny protections to your average, hard-working American family who had the bad fortune of being sold a bad mortgage; but at the very least, let's exempt servicemembers from this bill. We ask enough of them already.

Reports from the Department of Defense have noted that financial stress can affect a servicemember's performance and combat readiness. And a DOD report specifically states: ``Forty-eight percent of enlisted servicemembers are less than 25 years old, have little experience managing their finances, and have little in savings to help them through emergencies.''

Yet, on the heels of Veterans Day, when Member after Member came to the floor to praise our veterans, this majority wants to return 7 days later and put predatory lenders ahead of our men and women in uniform. Their bill limits consumer protections for servicemembers. It hurts our Armed Forces, and it hurts their families. It increases strain on people who already volunteer for a stressful, dangerous job; and it reduces combat readiness.

Let's not forget all we pledged just a week ago on Veterans Day. Let's put our policy in line with our rhetoric. Let's protect our troops. Let's protect their families. Let's protect our country. I urge my colleagues to vote ``yes'' on this motion to recommit.

I yield back the balance of my time.

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