Home > Newsroom
> Press Releases
> Cummings Joins Colleagues to Help Bring Integrity to the Mortgage Lending Industry
Washington, D.C. — startwidainctext
Today, Congressman Elijah E. Cummings (D-Md.), a member of the Joint Economic Committee, joined his colleagues in a vote of 300-114 to approve the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728) to stop predatory and irresponsible mortgage loan practices and get our economy back on track.
"Today, we took a major step to restore our economy and bring common sense reform and consumer protection to the housing and financial markets," Congressman Cummings said. "This legislation requires unprecedented accountability and transparency in order to end the unscrupulous practices that lending institutions used to keep growing their profits at the expense of hardworking Americans."
The legislation would require that lending institutions ensure that borrowers can repay the loans they are sold. Statistics show that many homeowners in the current mortgage crisis were steered into more expensive loans than they were qualified to receive. The bill would outlaw this practice and encourage the market to move back toward making fixed-rate, fully documented loans. The bill would also protect tenants who rent homes that enter foreclosure, ensuring that they receive proper notification and are given time to relocate.
The bill also includes language authored by Congressman Cummings that requires creditors to explain their policies regarding the acceptance and application of partial payments. Lenders are further required to notify borrowers of all consequences of refinancing or purchasing a home equity loan, including the responsibility they may bear for any losses incurred in the event of a foreclosure. Congressman Cummings also worked to include a protection that would allow current state law to prevail if it carries stronger remedies for borrowers than federal law.
"We have rushed to fix the crises on Wall Street brought on, in part, by scheming mortgage lending practices," Congressman Cummings said. "The time is long overdue for us to address the crises that individual families are facing all across the country as a result of these practices."
###
View Press Releases on Economy
Cummings Pleased To Help Pass Small Business Aid
Cummings Welcomes Landmark Broadband Investment
Cummings Congratulates Baltimore Business
Cummings Applauds Rapid Deployment Of HUD Programs Aimed At Foreclosure Prevention
Cummings Continues The Fight To Prevent Foreclosures
Cummings Pleased To Finally See Help Come For Unemployed Americans
Cummings Honored For Work In Support Of Minority Small Business
Cummings Applauds Passage Of Wall Street Reform Bill
Cummings Concerned With Jobs Plateau
Cummings Applauds House Passage Of Wall Street Reform Bill
Cummings Votes To Help Unemployed Americans
Cummings Urges Passage Of Wall Street Reform Bill
Cummings Pleased with Wall Street Reform Bill
Cummings Applauds Passage Of First Stage Of Small Business Aid
Cummings Begins Work On Wall Street Reform Conference
Cummings Begins Work On Wall Street Reform Conference
Cummings Welcomes Decline In Number Of Unemployed Marylanders
Cummings Welcomes Economic Recovery, New Jobs
Cummings Helps Pass Home Improvement Rebates
60 Members Sign Cummings/DeFazio Request For Goldman Sachs Investigation
Cummings, DeFazio Invite Colleagues To Join Goldman Sachs Investigation Request
Cummings Pleased To Extend Unemployment Insurance
Cummings Asks Fed Chair To Encourage Small Business Lending
Cummings Welcomes Most Jobs Gained In Three Years
Cummings Awaits Treasury Foreclosure Prevention Efforts
Cummings Demands Effective Foreclosure Prevention
Snowstorm Disaster Relief for Private Non-Profit Organizations
Cummings Votes To Strip Health Insurance Anti-Trust Exemption
Cummings Acknowledges One Year Anniversary Of Recovery Act
Cummings, Mikulski and Cardin Welcome Recovery Act Grant For Health Training
Cummings Condemns AIG Bonuses
Cummings Welcomes Positive Employment News
Cummings Welcomes Funding For Northeast Corridor Tunnel
Cummings Participates in AIG Counterparties Hearing
Cummings, Towns Call For GAO Audit Of Federal Reserve Role in AIG
Cummings Asks Justice Department To Investigate Wells Fargo, Other Lenders
Cummings Requests Investigation, Hearing Regarding New AIG Counterparty Allegations
Congressman Cummings Welcomes Investment In Baltimore County Workers
Cummings Meets With Fed Chair Bernanke
Cummings Pushes for Loans To Protect Americans In Danger of Foreclosure
Cummings Supports Obama Plan To Increase Job Creation
Cummings Lauds Aggressive Action By Feinberg, Protecting Taxpayers
Cummings Votes To Help Unemployed Workers In Heavy Unemployment Areas
Cummings to Compensation Czar: AIG is 'Insulting' Taxpayers
Cummings Statement on New Unemployment Numbers
Cummings Urges President to Revisit Foreclosure Relief
Cummings Joins Colleagues to Help Bring Integrity to the Mortgage Lending Industry
Cummings Joins Colleagues in Passing Blueprint for Economic Growth
Statement from Press Conference on Obama Mortgage Plan
Statement on Passing the American Recovery and Reinvestment Act
Cummings Statement on Senate Passage of Economic Recovery Bill
Cummings Urges Colleagues to Support Economic Stimulus Bill
Cummings Joins Colleagues in Passing Economic Stimulus Bill
Cummings Statement Against Wall Street Bailout
Cummings Urges Colleagues to Support Stimulus Package
Cummings Votes to Help Job-Seekers
Cummings Votes to Help Job-Seekers, Economy
ˆReturn To Top