2 Agencies to Issue Plan for Curbs on Predatory Lending

By Anason, Dean | American Banker, June 19, 2000 | Go to article overview

2 Agencies to Issue Plan for Curbs on Predatory Lending


Anason, Dean, American Banker


Federal regulators plan to issue recommendations as early as Tuesday for cracking down on predatory lenders. The Housing and Urban Development and Treasury departments have been crafting proposals since late March, when they formed a task force to investigate increased reports of lending to borrowers with no means to repay, unnecessary refinancings, and other unethical practices. Agency officials held public hearings in five cities and got advice from a 14-member advisory group that included industry and community representatives and the mayors of Chicago, Detroit, and other major cities. Spokesmen for HUD and the Treasury would not divulge details Friday, but the biggest question is how regulators will balance the opposing demands of key Republicans and neighborhood activists. House Banking Committee Chairman Jim Leach made it clear at a recent hearing that regulators could solve the problem by beefing up enforcement of existing rules. But Democrats, encouraged by community groups, have already proposed bills in the House and Senate that would extend federal anti-predatory-lending protections to more borrowers, expand the list of lending practices that are deemed abusive, and toughen penalties. "There's room for some of the agencies to do more ... but that's not sufficient," said Steven Kest, executive director of the Association of Community Organizations for Reform Now. "Clearly, legislation is needed at the congressional level. HUD, Treasury, and the (Clinton) administration should support the strongest possible legislation." John Taylor, president of the National Community Reinvestment Coalition and, like Mr. Kest, one of the community leaders who advised regulators, predicted regulators would propose legislation that goes further than the Democratic lawmakers' proposals. "(HUD Secretary) Andrew Cuomo strikes me as somebody who is not afraid to go the (whole) nine yards," Mr. Taylor said. Meanwhile, in a pre-emptive strike last week, the Mortgage Bankers Association of America said an overhaul of the entire home lending system is the best way to confront predatory practices that drive many borrowers into foreclosure. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

2 Agencies to Issue Plan for Curbs on Predatory Lending
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.