For 2.2 million families, the dream of home ownership is turning into a nightmare as they face foreclosure of their homes due to abusive mortgage lending practices.
Deceptive loan agents are targeting millions of Americans with high-interest loans they can’t afford to repay. Older Americans are being hit especially hard because they're more likely to:
- have substantial equity in their homes,
- own older homes that need repairs, and
- live on fixed incomes.
When older adults need to refinance to afford major expenses such as medical bills, they can become easy targets for scheming, money-hungry companies.
The Mortgage Reform and Anti-Predatory Lending Act of 2007 fights many abusive lending practices - and is an important step toward eliminating predatory lending packages. But, the mortgage industry is lobbying hard to weaken this bill.
Tell your Representative not to compromise - pass a strong bill that safeguards homeowners against abusive lending practices!
Urgent: The House is slated to vote THIS WEEK.
Dear [Decision Maker],
I strongly urge you to vote against any attempt to weaken the Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915).
Today, many predatory lenders are targeting the most vulnerable Americans, including the elderly. These deceptive lending practices often lead to foreclosure and the loss of one's home.
This bill will help restore fairness to mortgage lenders by requiring loan originators to offer products based on a borrowers' ability to repay; by creating licensing and registration of mortgage originators; by prohibiting penalties and commissions that result in excessively high-interest loans for borrowers.
However, the last thing that Congress should do is allow any part of this legislation to override any state laws that already provide strong protections for homeowners.
I urge you to resist industry pressure and to maintain strong state laws. Please vote no to any amendment that would override strong state predatory lending laws.
We appreciate your leadership. I have a strong interest in knowing how my elected officials vote on key issues that affect older Americans and their families.