Excerpt from The Home Ownership and Equity Protection Act of 1993 S, 924
Senate, Committee on Banking, Housing, and Urban Affairs, Washington, DC. The committee met at10:05 a.m., in room Sd-538 of the Dirksen Senate Office Building, Senator Donald W.Riegle, Jr. (chairman of the committee) presiding. Opening Statement Of Chadiman Donald W.Riegle, Jr. The Chairman. The committee will come to order. Let me welcome all those in attendance this morning. Today, the committee is meeting to hear the views of Federal regulators, consumer advocates, and representatives of the financial services industry, and local government, on the Home Ownership and Equity Protection Act of 1993. I recently introduced this bill with my colleague, Senator DAmato, and with Senators Bond, Boxer, Dodd, and MoseleyBraun, to combat what we call reverse redlining. Redlining, of course, is the practice of denying credit in low-income or minority neighborhoods. Reverse redlining is the targeting of these same communities for loans with unfair terms and conditions.
I want to say at the outset how much I appreciate the support and work of Senator DAmato. We work on this committee on a bipartisan, essentially nonpartisan, basis and the sponsorship and development of this legislation illustrates that both Senator DAmato and Senator Bond have been extremely helpful in putting together this bill. We hope to have broad cosponsorship from Members of the Senate as a whole.
Back in February, this committee heard highly disturbing testimony that as banks have tended to withdraw from low-income communities, a parade of shady lenders has moved in to fill the void peddling high-rate, high-fee mortgages to cash-poor homeowners.
Witnesses described lenders and brokers who operate door-todoor, offering promises of home improvements or debt consolidation.
Unsophisticated borrowers do not understand and often do not receive the proper and adequate disclosures about the terms of these loans. They then wind up struggling to meet overwhelming mortgage payments and all too often soon lose their homes to foreclosure. This is the whole point of their lending operation to steal these homes from the people involved.
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