[Congressional Record Volume 155, Number 68 (Tuesday, May 5, 2009)]
[House]
[Page H5105]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   CURB ABUSIVE AND PREDATORY LENDING

  (Mr. ELLISON asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. ELLISON. Mr. Speaker, I rise today in support of long overdue 
legislation to crack down on predatory mortgage lending. This week the 
House will consider legislation to curb abusive and predatory lending, 
a major factor in the Nation's highest home foreclosure rate in 25 
years and the precursor to the greatest economic downturn since the 
Great Depression.
  The Mortgage Reform and Anti-Predatory Lending Act of 2009 prohibits 
lenders from steering borrowers to higher-cost loans and protects 
tenants who rent homes that go into foreclosure.
  Mr. Speaker, the situation we find ourselves in did not happen 
overnight, but there is a new day dawning in America with this new 
President and this new Congress. By passing this legislation, we will 
mark one more step toward restoring economic prosperity to all 
Americans by protecting consumers, as we did last week with the credit 
card bill, and from the many vile and unscrupulous practices that have 
directly contributed to the mortgage crisis.

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