[Congressional Record Volume 155, Number 68 (Tuesday, May 5, 2009)]
[House]
[Page H5106]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PREDATORY LENDING

  (Ms. EDWARDS of Maryland asked and was given permission to address 
the House for 1 minute and to revise and extend her remarks.)
  Ms. EDWARDS of Maryland. Mr. Speaker, I rise today to address the 
staggering rate of mortgage fraud and predatory lending in this Nation.
  As our country reels from the continued impact of the recession, it's 
time to take action that will rebuild our economy in a way that's fair 
and consistent with our values.
  Mr. Speaker, this week we will consider H.R. 1728, the Mortgage 
Reform and Anti-Predatory Lending Act. This bill is an important step 
toward preventing the abusive and predatory lending practices that have 
contributed to the highest home foreclosure rate in 25 years.
  The bill will outlaw many of the egregious energy practices that mark 
the subprime lending boom and bust. It sets a Federal floor, enabling 
States like my home State of Maryland to better protect consumers.
  Now, as we pick up the pieces in this recession, we must learn from 
our mistakes, by strengthening regulations of our financial system. It 
means that we must ensure that all consumers are treated fairly and 
that the mortgage lending industry must be transparent and accountable 
to our seniors, minority borrowers, and all consumers.
  Mr. Speaker, I urge my colleagues to support H.R. 1728 and additional 
reforms to stop mortgage fraud and predatory lending.

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