From ACORN - Pass a Real Predatory Lending Law - HR 1182

[Sapphire Blue]

From the Association of Community Organizations for Reform Now

Pass a Real Predatory Lending Law

ACORN has led the way in fighting predatory lending, forcing companies to change their practices, regulators to crack down on scams, and states to pass strong laws. Over the last couple years, conservatives in Congress, led by Representative Robert Ney of Ohio, have tried to pass a law that would weaken already-inadequate federal laws on the subject and eliminate all of the state anti-predatory lending laws.

A coalition of civil rights, consumer, labor and state officials came together to block this bill. But this year, emboldened by increased Republican majorities in the House and Senate, Ney with Paul Kanjorski have returned with a new version of his bill. We need to block this bill. Ironically known as the Responsible Lending Act (HR 1295), it is far weaker than good state laws in places like New York, New Jersey, Massachusetts, Illinois, and New Mexico and would wipe out all of these laws. Under the guise of protecting consumers, it protects no one but the most irresponsible members of the mortgage industry.

Fortunately, there is also a strong, good bill that ACORN supports: the Prohibit Predatory Lending Bill (HR 1182) by Mel Watt (head of Congressional Black Caucus), Brad Miller and Barney Frank. This bill will not eliminate state laws. It sets a floor so that all Americans would be protected against predatory lending, which states could then go beyond and give their citizens stronger protections.

Please take a moment to write your members of Congress and tell them: “Support the Miller-Watt bill and clamp down on predatory lending. Oppose the Ney bill, which does nothing but give a free pass to predatory lenders.”

http://acorn.org/?9084

[paineinthearse]

1. Anything Ney supports, I shall oppose.

Assuming a member of the House has the gonads to sponsor an ethics investigation (see http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=3667714&mesg_id=3667714), Ney is toast.