NAR Backpedals On Predatory Lending Stance;
Will Support Bill That Lets Predators Off The Hook

 

May 09, 2005

WHOREMASTER 103 Lesson Plan: It's all in the name of the bill, stupid! Inside sources tell us that the National Assn. of REALTORS® will announce support for a bill that is fiercely opposed by civil rights leaders and consumer activists. The announcement will be made at the group's mid-year meetings this week in Washington, D.C. The "Responsible Lending Act" co-sponsored by Reps. Robert W. Ney (R-Ohio) and Paul E. Kanjorski (D-Pa.) will curb some abusive lending practices but it will also preempt state and local laws that afford additional substantive protections, and wipe out a recent regulatory ruling mandating that state-chartered thrifts and independent mortgage companies cannot evade state limits on late fees and prepayment penalties on adjustable-rate mortgages and other alternative loans.

There is another bill before legislators that champions consumer and civil rights concerns, cuts predatory loans and makes it easier to obtain a home loan. This bill is co-sponsored by Democratic Reps. Brad Miller and Melvin Watt, both of North Carolina, and Barney Frank (Mass.), that sets more stringent rules. It is modeled on North Carolina's state law, which has been copied by New York, New Mexico, Illinois and New Jersey.

Let's hope our inside sources are wrong on this one.

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