Mortgage Reform and Anti-Predatory Lending Act

Floor Speech

MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT -- (House of Representatives - May 06, 2009)

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Ms. SCHAKOWSKY. I thank the gentleman for yielding to me.

Mr. Chairman, I rise today in strong support of the Mortgage Reform and Anti-Predatory Lending Act.

According to a recent report, foreclosures in Chicago doubled from 2006 to 2008 and continue today. It was Chicago's 50th Ward, a solidly middle class community where I grew up, that saw the highest increases in foreclosures, 360 percent in just 2 years.

When most people walk into a mortgage closing, they bring with them the hopes and dreams of their futures and those of their children and the full intention of being responsible homeowners. But actions by unscrupulous and downright predatory lenders put many Americans into loans that they couldn't afford, and the consequences are clear.

This bill offers protections for homebuyers that are long overdue. I'm one of many to have worked for years on this issue, including our late and beloved Stephanie Tubbs Jones. We wrote legislation that would stop predatory lending in the mortgage industry, including requiring certification of brokers and enactment of basic consumer protections. And this critical bill builds on those efforts to create standards for lenders and mortgagers.

I'm also pleased that this measure includes Mr. Ellison's bill to provide additional protection for tenants of foreclosed property. The foreclosure crisis for renters has been mostly a hidden consequence, but in States like Illinois, New York, Nevada, foreclosures on rental properties have represented nearly half of all foreclosures, uprooting families and wreaking havoc on communities.

I want to thank Chairman Frank and Mr. Watt and Mr. Miller, and I urge all my colleagues to support swift passage of this measure.

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