[Congressional Record Volume 155, Number 70 (Thursday, May 7, 2009)]
[Extensions of Remarks]
[Pages E1106-E1107]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

                                 ______
                                 

                               speech of

                            HON. BARBARA LEE

                             of california

                    in the house of representatives

                         Wednesday, May 6, 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. LEE of California. Mr. Chair, I rise in strong support of H.R. 
1728, the Mortgage Reform and Anti-Predatory Lending Act.

[[Page E1107]]

  I want to thank Mr. Brad Miller and Mr. Mel Watt for sponsoring this 
important legislation and for being a champion for consumers and 
borrowers. I also want to thank Chairman Frank for his commitment to 
finally bringing real reform to our mortgage markets and ending 
predatory lending and misleading and abusive lending practices.
  I served for 8 years on the House Financial Services Committee with 
my colleagues and we repeatedly warned the, then majority, Republicans, 
the Bush Administration, the Treasury and the Federal Reserve about the 
need for stronger oversight and critical reforms that would end the 
pattern and practice of predatory lending.
  Our warnings fell on deaf ears.
  They chose to allow kickback schemes like yield spread premiums which 
put the mortgage lender's financial incentives in direct conflict with 
the interests of the consumers they are supposed to serve.
  They chose to allow the reprehensible act of ``steering'' lower 
income, senior and minority borrowers into higher rate sub-prime and 
alt-a loans than they qualify for.
  They chose to blindly trust financial institutions to ``regulate 
themselves''.
  And we and our entire nation know where that got us.
  It is long past time that we bring sound, reasonable regulation and 
oversight to our mortgage markets.
  And this bill will do that.
  I am also very pleased that this bill will protect renters and 
tenants who have been silently suffering due to the wave of 
foreclosures.
  Too many renters who have paid their rent on time have been finding 
out for the first time that the property they live in is being 
foreclosed when the sheriff delivers an eviction notice.
  Innocent tenants should be protected and let me thank Mr. Ellison, 
Mr. Miller, Mr. Watt and Mr. Frank for acting on behalf of innocent 
renters.
  I encourage my colleagues to vote yes on H.R. 1728.

                          ____________________