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Predatory Mortgage Lending Practices Reduction Act
In response to the predatory practices of some mortgage brokers and agents, Representative Marcia L. Fudge introduced H.R. 2108, the Predatory Mortgage Lending Practices Reduction Act of 2009.
The Act is designed to assure consumers that mortgage brokers or agents are thoroughly trained and accountable for predatory practices. It does this by altering the law in three ways. First, the Act requires that brokers and agents issuing subprime loans undertake a rigorous certification program. Second, the legislation streamlines the process for filing complaints against unethical brokers and agents. Finally, the Act creates civil penalties for violations of federal predatory lending laws.
"There are honest, decent mortgage brokers and agents in the industry. Then there are a relatively few number of unscrupulous individuals who earn their commission through deception. The Predatory Mortgage Lending Practices Reduction Act of 2009 would help protect consumers from the latter class of lenders by ensuring that all related personnel are properly trained and held accountable," stated Rep. Fudge.
This timely bill is desperately needed in the Eleventh District of Ohio. Within the Eleventh Congressional District the Center for Responsible Lending projected 5,566 foreclosures in 2009 and 18,531 foreclosures over the next four years. Within the state of Ohio the projection is much grimmer--87,500 foreclosures in 2009. While foreclosures within the state are due to a number of factors, predatory loans in particular have caused many families to lose their homes.
Press Statements
Filtered by Housing, 2008, 2009, 2010, 2011
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REP. FUDGE CELEBRATES THE 47TH ANNIVERSARY OF MEDICARE AND MEDICAID BEING SIGNED INTO LAW
July 30, 2012TODAY CONGRESSWOMAN MARCIA L. FUDGE (OH-11) MARKED THE 47TH ANNIVERSARY OF THE ENACTMENT OF MEDICARE AND MEDICAID.
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CONGRESSWOMAN FUDGE: "REPUBLICAN BUDGET IS SETBACK FOR ECONOMY & DOUBLES DOWN ON FINANCIAL HARDSHIP FOR STUDENTS, SENIORS, UNEMPLOYED AMERICANS"
March 29, 2012WASHINGTON, D.C.-- Congresswoman Marcia L. Fudge (OH-11) made this statement after the passage of the 2013 Republican Budget, H.Con.Res. 112, in the House of Representatives...
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REPS. FUDGE AND LATOURETTE UNVEIL JOINT LEGISLATION TO FUND DEMOLITION OF VACANT, ABANDONED AND FORECLOSED HOMES
March 19, 2012U.S. Reps. Marcia L. Fudge and Steven LaTourette today unveiled the Restore our Neighborhoods Act of 2012. This bipartisan legislation provides up to $4 billion for states and establishes land banks to issue 30-year bonds to finance demolition of vacant
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U.S. Reps. Steve LaTourette (OH-14) and Marcia Fudge (OH-11) to unveil bipartisan legislation Monday to fund demolition of vacant and abandoned homes across the country
March 16, 2012This legislation establishes a bond program to finance demolitions to eliminate blight, recover property values of homeowners who don't want to leave their neighborhoods, and curb crime.
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REP. FUDGE: REACTION TO SOTU
January 24, 2012"Democrats and Republicans in Congress should unite around supporting job creation. Members can either stand in the way of progress or lead the way to a stronger economy."
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