[Congressional Record Volume 155, Number 68 (Tuesday, May 5, 2009)]
[House]
[Page H5103]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       THE MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT OF 2009

  (Ms. LORETTA SANCHEZ of California asked and was given permission to 
address the House for 1 minute and to revise and extend her remarks.)
  Ms. LORETTA SANCHEZ of California. Mr. Speaker, this week I am proud 
that the House of Representatives will be voting on H.R. 1728, the 
Mortgage Reform and Anti-Predatory Lending Act of 2009.
  This legislation will make critical reforms to end the abusive and 
predatory lending practices that have left so many Americans facing 
foreclosure.
  In my district in Orange County, California, we have seen the results 
of abusive and predatory lending too frequently as foreclosures have 
weakened our neighborhoods and our communities, and it has forced many 
of our people out of their homes. Most of these foreclosures are the 
result of ``toxic loans'' that were issued by several subprime lenders 
in Orange County, California.
  For that reason, I am particularly pleased that H.R. 1728 will ensure 
that lenders make loans that benefit the consumer and prohibit lenders 
from steering borrowers into higher-cost loans.
  In addition, the legislation will establish a simple standard that 
all institutions offering home loans must ensure so that borrowers can 
actually repay the loans they receive.
  I am very pleased that we will be considering this bill, which 
addresses the reckless lending and lack of oversight, and I urge my 
colleagues to support it.

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