From the site:
http://www2.kucinich.us/issues/pred_lend.phpHere is what Dennis wrote back in 2006 on Nov 16th. This was before John Edwards received notoriety for "taking on" predatory lending.
We must fight to stop the predatory lending practices that have victimized so many American seniors. These loan sharks can devastate in weeks the financial security that older Americans have strived to build for themselves over many years of consistent labor.
The Bush administration and the Republican leadership in Congress have fallen down on the job when it comes to protecting homeowners from predatory lending. I grew up in the inner city of Cleveland, where I saw firsthand the damage wrought by redlining and reverse redlining. The performance of banks in these neighborhoods is critical to their development. When the lending industry goes after short-term profits by stripping homeowners of their equity and forcing them into foreclosure, efforts to develop and improve communities fall apart.
Too many bankers, lenders, and brokers are hurting the public interest and even their own long-term interest by preying on borrowers rather than building them up. A bank that aggressively sells a family an overpriced and abusive loan is not concerning itself with creating return customers or positive word-of-mouth promotion.
This tearing down of families and neighborhoods is unacceptable. In the long run it weakens our economy and deprives lenders of future business. Banking can be a noble profession. The provision of credit can uplift whole communities, encourage innovation, and teach responsibility.
I have never hesitated to tell lenders when their actions are wrong. Some lenders believe only they know what's good for homeownership, as exemplified by baseless claims that banning predatory loans will dry up good loans as well. The evidence from the many states that have passed tough restrictions should have ended that debate by now.
In the U.S. Congress, I have co-sponsored amendments to the Truth in Lending Act to protect consumers from these immoral and illegal loan schemes, to take some initial steps to reform the industry, and to offer comprehensive attempts to limit predatory abuses.
It is time we listen to community groups like ACORN that have taken a lead in raising concerns about predatory lending. Legislators accross the nation can draw on the excellent legislation passed in states like North Carolina, New Jersey, and New Mexico. We can all urge Congress to pass such legislation to put the interests of homeowners ahead the interests of loan sharks and put a stop to efforts in the executive branch to deny states and cities the right to protect their own homeowners. I believe we must greatly expand the capacity of the FTC to penalize offenders. It is time to build up communities, not tear them down.
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