This new Ban Predatory Credit Work (H. Mel Watt (NC) with Associate. Brad Miller (NC) and you can Representative. Barney Honest (MA) Cosponsored from the 65 members of Congress including CBC members Agent. Sanford Bishop (GA), Rep. Corrine Brown (FL), Representative. G.K. Butterfield (NC), Associate. Julia Carson (IN), Del. Donna Christensen (VI), Rep. Wm. Lacy Clay (MO), Representative. James Clyburn (SC), Associate. John Conyers (MI), Agent. Elijah Cummings (MD), Rep. Artur Davis (AL), Associate. Chaka Fattah (PA), Agent. Harold Ford Jr. (TN), Agent. Al Eco-friendly (TX), Rep. Jesse Jackson Jr. (IL), Agent. Sheila Jackson-Lee (TX), Agent. William Jefferson (LA), Associate. Eddie Bernice Johnson (TX), Representative. Stephanie Tubbs Jones (OH), Representative. Carolyn Kilpatrick (MI), Rep. Barbara Lee (CA), Associate. John Lewis (GA), Associate. Cynthia McKinney (GA), Representative. Kendrick Meek (FL), Rep. Gregory Meeks (NY), Representative. Gwen Moore (WI), Del. Eleanor Holmes Norton (CD), Representative. Major Owens (NY), Representative. Donald Payne (NJ), Rep. Charles Rangel (NY), Representative. Bobby Hurry (IL), Associate. David Scott (GA), Associate. Bobby Scott (VA), Rep. Bennie Thompson (MS), Associate. Edolphus Metropolitan areas (NY), Rep. Maxine Oceans (CA), Rep. Diane Watson (CA), Agent. Mel Watt (NC), and Representative. Al Wynn (MD)
An expenses in order to ban any person, concerning the a subprime federally related mortgage loan, off bringing financial lending service or mortgage brokerage functions unless including body is official by Assistant of Homes and you may Urban Innovation and it has been sufficiently given it regard to subprime lending
An expenses so you’re able to demand restrictions and you will constraints towards high-prices mortgage loans, so you can change the new permissible charge and you will charges into certain kinds of finance, in order to prohibit unjust otherwise deceptive lending means, and to allow for personal knowledge and you may guidance throughout the predatory loan providers. Labeled as the new Miller-Watt-Frank statement.
Support owning a home and you may in control financing (H.Con.Res. 127) 110th Congress Delivered by Agent. Elijah Cummings (MD) Cosponsored from the Associate. Keith Ellison (MN)
A concurrent solution expressing the sense off Congress one regulations is end up being enacted you to definitely handles customers who were sufferers away from dishonest mortgage brokers and you can lenders.
Supporting the goal of increased and you may green homeownership on the United Says (H.Scam.Res. 392) 110th Congress the original source Brought because of the Agent. Alcee Hastings (FL) Cosponsored from the 8 most other members of Congress and CBC users Agent. Sanford Bishop (CA), Rep. Artur Davis (AL), Agent. Al Green (TX), Rep. Carolyn Kilpatrick (MI), Rep. Kendrick Meek (FL), Associate. Stephanie Tubbs Jones (OH), and you may Rep. Barbara Lee (CA)
A great concurrent quality supporting the purpose of improved and you may green homeownership in the usa and you may accepting the necessity of homeownership apps, reasonable financing laws and regulations, and you will reasonable housing guidelines when you look at the reaching you to definitely purpose.
Fudge in depth a rigorous degree program having home loans and you can agents exactly who procedure subprime financing and additionally a smooth process having filing grievances against unethical agents and you can agencies
Taking this new disparities which can be for the predatory credit inside the minority groups (H.Con.Res. 391) 110th Congress Brought of the Yvette Clarke (NY) Cosponsored by the Associate. Edolphus Cities (NY)
A good concurrent quality taking the fresh disparities that are for the predatory credit abuses inside fraction teams and you can stating the sense of your Congress that given that this new violations continue steadily to arise, including laws and regulations will be ensure that all those guilty of symbolizing and you can protecting parents feel the expert to do something to address such the fresh dilemmas.
Mortgage Change and you may Anti-Predatory Financing Act (H.Roentgen. 1728) 111th Congress Produced of the Rep. Mel Watt (NC) having Rep. Brad Miller (NC) and Rep. Barney Frank (MA) Cosponsored because of the four other people in Congress
An expenses so you can reform consumer mortgage methods and offer liability getting such practices also to promote certain minimal conditions to possess individual mortgages.
Agents Maxine Oceans (CA-43) and you will pioned the problem from reasonable lending by unveiling laws and regulations to help you render in charge lending techniques. In 2001, Agent. Seas, a commander on economic points during the Congress and outspoken critic from predatory financing methods, brought the brand new Protecting Our very own Organizations of Predatory Lending Operate. The bill is geared towards securing individuals away from shedding land to predatory credit by the, among other things, prohibiting mortgage brokers from to make incorrect, inaccurate, or mistaken statements otherwise steering people to the higher risk finance than they would if you don’t be eligible for. Within her 2009 Predatory Mortgage Lending Strategies Protection Act, CBC sofa Rep.
A statement so you’re able to authorize this new Assistant of Construction and you will Urban Advancement and come up with grants so you can States, equipment out of state government, and you may nonprofit organizations to have counseling and degree programs toward protection out of predatory lending and to introduce a cost-free phone number to own complaints out of predatory financing.