[Congressional Record Volume 155, Number 68 (Tuesday, May 5, 2009)]
[House]
[Page H5104]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PREDATORY LENDING

  (Mr. KAGEN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. KAGEN. Mr. Speaker, to put our Nation on the road to recovery, we 
have to do several things: First, we have to begin to clean up the 
economic mess that we have inherited after the past 8 years. Secondly, 
we have to rewrite our laws to guarantee that everyone has a fair shake 
and a fair opportunity to make it in today's economy. And together we 
will.
  Last week I was very proud to stand here and vote for the Credit 
Cardholder's Bill of Rights, and today I rise in favor of the Mortgage 
and Anti-Predatory Lending Act. This bill would help end the predatory 
lending that is a major factor in the many, far too many, home 
foreclosures now taking place.
  The bill would prohibit lenders from steering their customers into 
higher-cost loans, would ensure that borrowers actually have the 
ability to pay back the money that they are taking out, and would 
establish a simple standard for all home loans.
  I believe we have to work hard for people everywhere to guarantee 
that they can make it and keep their heads above water. Let's pass the 
Mortgage and Anti-Predatory Lending Act and build a better future for 
everyone.

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