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Bill Getting Eaten By Predatory Lending Concerns

Officials from 4 states today came out agains the pending Ney-Kanjorski bill would weaken laws against predatory lending. [1]

“The Ney-Kanjorski bill pending in Congress and supported by much of the lending industry would gut the strong laws in these states. Another bill, sponsored by Rep. Miller of North Carolina and supported by consumers and civil rights groups, would let states keep strong laws and protect their consumers.”

I do find it odd that the lending industry is nearly unanimously in favor of more restrictions (this bill) since subprime lending has been very profitable for many. The appraiser component of the bill, is more of an empty but magnanimous gesture. In a prior post, I felt that the bill has language intended to protect appraisers from pressure, but the reality is that there are no real preventative measures included. In other words, nada.

See: [The Responsible Lending Act (HR 1295)] [2]