Price of Democracy: U.S. House Passes 'Better Than Nothing' Compromise Mortgage Reform Bill

Summary

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In 2006, the center estimated that Blacks were 31 percent more likely to hold subprime loans than whites with similar credit histories and that they were four times more likely to get higher interest rates. A recent study by New York University's Furman Center for Real Estate and Urban Policy found that African Americans were four times as likely as whites to hold subprime mortgage loans in the New York City metropolitan area. In our Homebuyer's Bill of Rights under The Right to Be Free from Predatory Lending, we threw our support behind H.R. 1182 sponsored by House Financial Services Committee Chairman Barney Frank of Massachusetts. It served as a basis for the legislation that passed the House earlier this month until last-minute lobbying by the mortgage industry knocked some of its teeth out.

Back in March, the National Urban League addressed the unfolding subprime lending debacle through our Homebuyer's Bill of Rights well before the issue started to trigger Shockwaves in international credit markets and to send hedge fund analysts to the unemployment line.

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Price of Democracy: U.S. House Passes 'Better Than Nothing' Compromise Mortgage Reform Bill

Just recently, the U.S. House of Representatives seemed to be riding to the rescue of U.S. homeowners with its Mortgage Reform and Anti-Predatory Lending Act of 2007, which passed by a commanding margin.

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