Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

Wall Street Reform And Consumer Protection Act Of 2009

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Ms. TITUS. Madam Chairman, every day seniors are targeted by lending agencies through mailings, phone calls, and TV ads offering reverse mortgages with promises of free money to finance trips, new cars, and gifts in their golden years. While a reverse mortgage may be an appropriate product for some seniors, it's a complex financial instrument which is being aggressively marketed to our most vulnerable in society.

Accordingly, many seniors today find themselves in financial hardship due to unfair and unclear agreements, along with excessive fees that come as a result of reverse mortgages. They have learned the hard way that the reality of a reverse mortgage is not always as advertised, and now they face severe financial consequences in what is supposed to be their golden years.

The amendment that we are offering today provides needed safeguards for our Nation's seniors by requiring that the new Consumer Financial Protection Agency oversee the reverse mortgage industry to ensure seniors are not exposed to unfair and deceptive practices.

Protecting our seniors from unfair and unclear financial products is long overdue. Reverse mortgages need to be clearly and closely monitored and regulated in an effort to ensure seniors don't lose their home and equity that they have built up through a lifetime of hard work.

I am confident that the amendment, which has the endorsement of AARP, will offer appropriate flexibility and protections for our seniors.

I want to thank my colleague, Representative Schakowsky, and also the chairman of the committee, for working with me on this important issue.

I urge my colleagues to support the amendment.

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