[Congressional Record Volume 155, Number 70 (Thursday, May 7, 2009)]
[Extensions of Remarks]
[Page E1085]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

                                 ______
                                 

                               speech of

                        HON. NYDIA M. VELAZQUEZ

                              of new york

                    in the house of representatives

                          Tuesday, May 5, 2009

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 1728) to 
     amend the Truth in Lending Act to reform consumer mortgage 
     practices and provide accountability for such practices, to 
     provide certain minimum standards for consumer mortgage 
     loans, and for other purposes:

  Ms. VELAZQUEZ. Mr. Chair, across the country hundreds of thousands of 
hard-working families have fallen victim to predatory lending. Poor and 
minority communities have been targeted. Today, we are seeing the 
results. The foreclosure rate is the highest in a quarter century, and 
many others are burdened by debt.
  That's why H.R. 1728 is needed. It enacts simple reforms that will 
level the playing field for consumers. The Mortgage Reform and Anti-
Predatory Lending Act will help the nation move toward recovery. It 
will give consumers the confidence to purchase a new home by ensuring 
predatory lending practices become a thing of the past. The bill would 
make it illegal for lenders to make loans that homeowners cannot 
reasonably be expected to repay.
  It not only sets guidelines for fair lending, but takes strides to 
empower the borrower. For years, I have said that one of the most 
effective ways to stop predatory lending is to give consumers 
knowledge. This legislation includes my initiative to provide increased 
access and information on the benefits of home inspections--and give 
homebuyers a leg up when dealing with lenders.
  Last, but not least, when we think of homes going into foreclosure, 
we cannot forget those who live in apartment buildings. In New York, as 
in many urban areas, more than half of our city rents. And today, as 
many as 90,000 New Yorkers reside in buildings with debts too high to 
maintain. These families, at no fault of their own, could be out on the 
street if their buildings go into foreclosure.
  The amendment I have proposed would protect tenants and keep 
multifamily buildings out of foreclosure. It establishes a new program 
to stabilize troubled buildings by refinancing them or facilitating 
their transfer to new responsible owners.
  I urge you to protect renters, to protect homeowners, and to put a 
stop to the abusive lending practices that have hurt so many American 
families. I urge a ``yes'' vote.

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