U.S. Representative Yvette D. Clarke (NY-11), has introduced a resolution that recognizes the disparities that are associated with predatory lending abuses in minority communities (H. Con. Res 391).

 

 “Every community in the nation has been impacted by the abuses of predatory lending practices,” stated Congresswoman Yvette D. Clarke.  “This resolution openly recognizes the disparities that have long been associated with predatory lending in the minority community; in particular subprime mortgages.  My goal is to ensure fair prices and lending practices for minority home owners.” 

 

H. Con. Res. 391 notes that there has been inadequate attention paid to the concentration of subprime mortgages in minority neighborhoods.  It further encourages fair pricing of home mortgages that is based on legitimate risk factors and facilitates economic progress for all borrowers; encourages lenders to eliminate discretionary pricing in the subprime mortgage market and prompts them to adopt transparent, market-driven prices for mortgages representing similar risks.

 

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