NFHAO Stories

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Ney introduces predatory lending bill

By Tracey McCartney
National Fair Housing Advocate Online

(WASHINGTON, Feb. 14, 2003) -- State and local laws that seek to protect consumers from predatory mortgage lenders would be void under new legislation introduced in Congress.

The "Responsible Lending Act," sponsored by Rep. Bob Ney, R-Ohio and Ken Lucas, D-Ky., and introduced on Thursday, would establish a national standard for regulation of predatory lending. It would also require licensing of mortgage brokers, either under federal standards or under state laws that meet federal guidelines.

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