OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Curb Abusive and Predatory Lending

Floor Speech

Date: May 5, 2009
Location: Washington, DC
Issues: Finance and Banking Housing and Property

Mr. ELLISON. Mr. Speaker, I rise today in support of long overdue legislation to crack down on predatory mortgage lending. This week the House will consider legislation to curb abusive and predatory lending, a major factor in the Nation's highest home foreclosure rate in 25 years and the precursor to the greatest economic downturn since the Great Depression.

The Mortgage Reform and Anti-Predatory Lending Act of 2009 prohibits lenders from steering borrowers to higher-cost loans and protects tenants who rent homes that go into foreclosure.

Mr. Speaker, the situation we find ourselves in did not happen overnight, but there is a new day dawning in America with this new President and this new Congress. By passing this legislation, we will mark one more step toward restoring economic prosperity to all Americans by protecting consumers, as we did last week with the credit card bill, and from the many vile and unscrupulous practices that have directly contributed to the mortgage crisis.


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