Magazine article Mortgage Banking

Real Estate Finance Industry Calls for Uniform National Standard on Predatory Lending Laws

Magazine article Mortgage Banking

Real Estate Finance Industry Calls for Uniform National Standard on Predatory Lending Laws

Article excerpt

IN A LETTER TO CONGRESS, MBA, THE AMERI-can Bankers Association (ABA), the Consumer Bankers Association, the Financial Services Roundtable, America's Community Bankers (ACB), the Consumer Mortgage Coalition, the National Association of Mortgage Brokers (NAMB) and the National Home Equity Mortgage Association (NHEMA) called for passage of a uniform national predatory lending standard. The standard would protect consumers, prevent predatory lending and preserve consumer access to capital.

"We want to work with authorities to crack down on those who defy the law through abusive and deceptive lending practices," the industry groups stated in their letter. "The proliferation of state and local laws to address abusive lending practices is creating an uneven playing field, which disadvantages consumers and lenders alike."

The letter noted the benefits that a uniform national standard would bring to the market, and highlighted why such a standard is necessary now--particularly because of the increasing number of jurisdictions passing laws restricting lending to borrowers with less-than-perfect credit. …

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