Knowledge Tree
House Committee on Banking and Financial Services
Facts (6)
Sources
Predatory Lending Practices - House.gov commdocs.house.gov 6 facts
perspectiveChairman Leach of the House Committee on Banking and Financial Services stated that despite concerns about credit availability, the abuses associated with predatory lending must be addressed.
claimMr. Fendly expressed a commitment to working with the House Committee on Banking and Financial Services to introduce mortgage reform legislation in the next session of Congress.
claimThe House Committee on Banking and Financial Services identifies low-income individuals and senior citizens, particularly older African-American low-income widows, as the primary demographic vulnerable to predatory lending practices.
perspectiveRepresentatives of the lending industry have advised the House Committee on Banking and Financial Services that any new regulatory approaches to predatory lending should be designed to avoid reducing the overall availability of credit.
claimThe House Committee on Banking and Financial Services intends to address predatory lending through a combination of stricter enforcement of existing regulations and the introduction of new legislation.
measurementThe House Committee on Banking and Financial Services hearing on predatory lending practices was adjourned at 3:47 p.m.