The fresh Exclude Predatory Credit Work (H. Mel Watt (NC) having Agent. Brad Miller (NC) and Rep. Barney Frank (MA) Cosponsored of the 65 people in Congress together with CBC people Representative. Sanford Bishop (GA), Associate. Corrine Brown (FL), Agent. G.K. Butterfield (NC), Associate. Julia Carson (IN), Del. Donna Christensen (VI), Representative. Wm. Lacy Clay (MO), Rep. James Clyburn (SC), Rep. John Conyers (MI), Associate. Elijah Cummings (MD), Agent. Artur Davis (AL), Agent. Chaka Fattah (PA), Rep. Harold Ford Jr. (TN), Associate. Al Green (TX), Associate. Jesse Jackson Jr. (IL), Agent. Sheila Jackson-Lee (TX), Rep. William Jefferson (LA), Agent. Eddie Bernice Johnson (TX), Rep. Stephanie Tubbs Jones (OH), Representative. Carolyn Kilpatrick (MI), Rep. Barbara Lee (CA), Agent. John Lewis (GA), Representative. Cynthia McKinney (GA), Agent. Kendrick Meek (FL), Representative. Gregory Meeks (NY), Agent. Gwen Moore (WI), Del. Eleanor Holmes Norton (CD), Agent. Significant Owens (NY), Associate. Donald Payne (NJ), Representative. Charles Rangel (NY), Agent. Bobby Rush (IL), Agent. David Scott (GA), Rep. Bobby Scott (VA), Rep. Bennie Thompson (MS), Rep. Edolphus Cities (NY), Rep. Maxine Waters (CA), Agent. Diane Watson (CA), Agent. Mel Watt (NC), and you can Rep. Al Wynn (MD)
An expenses so you can exclude people, to the a great subprime federally relevant home loan, off delivering financial financing services otherwise financial broker characteristics unless of course like body is official of the Secretary regarding Casing and you can Metropolitan Invention and it has been effectively given it mention of the subprime lending
An expenses to demand limits and you may limitations on high-rates mortgages, to help you improve new permissible fees and you can costs with the certain types of loans, so you can ban unfair otherwise misleading credit practices, also to enable societal training and guidance regarding the predatory lenders. Labeled as this new Miller-Watt-Honest costs.
Supporting home ownership and you will in control lending (H.Scam.Res. 127) 110th Congress Introduced of the Agent. Elijah Cummings (MD) Cosponsored from the Rep. Keith Ellison (MN)
A beneficial concurrent solution declaring the sense out-of Congress you to guidelines should getting enacted you to covers consumers who have been sufferers off unethical mortgage brokers and you may loan providers.
Supporting the purpose of enhanced and you will sustainable homeownership on United Says (H.Fraud.Res. 392) 110th Congress Lead by Rep. Alcee Hastings (FL) Cosponsored of the 8 other people in Congress including CBC players Representative. Sanford Bishop (CA), Representative. Artur Davis (AL), Associate. Al Eco-friendly (TX), Associate. Carolyn Kilpatrick (MI), Rep. Kendrick Meek (FL), Representative. Stephanie Tubbs Jones (OH), and you will Rep. Barbara Lee (CA)
A good concurrent solution giving support to the purpose of increased and you may sustainable homeownership in the us and acknowledging the necessity of homeownership apps, fair lending laws, and you may fair construction laws and regulations when you look at the reaching one purpose.
Fudge outlined a rigid qualification program having home loans and you will agents whom matter subprime loans plus a smooth procedure for submitting complaints up against shady agents and you can agents
Recognizing the fresh disparities that are with the predatory lending from inside the minority organizations (H.Fraud.Res. 391) 110th Congress Put because of the Yvette Clarke (NY) Cosponsored from the Agent. Edolphus Towns and cities (NY)
A good concurrent quality accepting the brand new disparities that are of this predatory financing abuses inside fraction organizations and you can expressing the sense of your Congress one since the the brand new violations always appear, eg legislation should make sure that every one of these accountable for symbolizing and you may securing family members feel the authority to do something to deal with such the newest trouble.
Mortgage Change and you may Anti-Predatory Credit Act (H.Roentgen. 1728) 111th Congress Delivered by the Associate. Mel Watt (NC) Maryland personal loans having Rep. Brad Miller (NC) and Representative. Barney Frank (MA) Cosponsored by four most other members of Congress
A costs to change individual mortgage strategies and gives responsibility for including means also to give specific minimal standards getting individual mortgages.
Representatives Maxine Oceans (CA-43) and you will pioned the challenge away from reasonable lending by releasing legislation so you can render in charge lending techniques. During the 2001, Associate. Oceans, a chief with the monetary items in Congress and you may outspoken critic from predatory financing means, brought the fresh new Securing Our Communities off Predatory Financing Act. The bill was aimed at protecting borrowers regarding shedding residential property so you can predatory lending from the, among other things, prohibiting lenders off while making untrue, deceptive, or misleading comments or direction consumers to the higher risk fund than simply they would or even be eligible for. Inside her 2009 Predatory Financial Credit Techniques Avoidance Operate, CBC settee Rep.
An expenses so you can authorize new Assistant out of Casing and you can Urban Invention and also make has to help you States, gadgets regarding local government, and you will nonprofit teams for counseling and you can education software towards prevention of predatory financing and establish a toll-totally free phone number to own complaints regarding predatory financing.