News:
Keith Introduces Strong Anti-Predatory Mortgage Lending Bill
On July 18, 2007, Keith Ellison introduced a strong anti-predatory mortgage lending bill, based on Minnesota’s new law – the nation’s toughest. Keith said "they are the protections that we believe the rest of the nation deserves as well."
Keith’s bill includes provisions that will limit finance charges, prohibit “no doc” loans that don’t require documentation of a borrower’s income, and ban practice that create hidden fees for borrowers, including pushing borrowers into higher interest rates than necessary. The bill would also ban prepayment penalties on adjustable-rate mortgages and strengthen mortgage brokers' duties towards consumers.
Keith is committed to finding a solution to the nation’s current foreclosure crisis, and leveling the playing field for borrowers is a good step.
This new House bill is co-sponsored by Betty McCollum (MN), Tim Walz (MN), James Oberstar (MN), William Lacy Clay (MO), Emanuel Cleaver (MO), and Lynn Woolsey (CA).
Rep. Keith Ellison of Minnesota, is a member of the House Financial Services Committee.