HUD, TREASURY Release Joint Declaration Recommending Procedures To Suppress PREDATORY Credit
Treasury Assistant Lawrence H. Summertimes and Housing and you may Urban Advancement Assistant Andrew Cuomo today create a combined HUD-Treasury declaration detailing ideas on legislative, regulating, and other measures so you’re able to suppress the fresh new expanding occurrence out of predatory home loan credit.
This type of crucial guidance will help include Western families regarding the abusive methods of some dishonest loan providers, told you Secretary Summertimes. Predatory credit techniques must have nowhere regarding the subprime market, or other market.
Secretary Cuomo said: Predatory loan providers try greedily consuming families’ lifetime coupons and you can ruining an excellent communities throughout the nation. I heard nightmare stories in the our discussion boards within nation on the this new suffering these businesses keeps brought about, and you can People in Congress have heard an identical tales. We query Congress to participate us and flow swiftly to provide American homeowners the security they want of predatory loan providers.
According to recommendations gathered in the five occupation forums because of the shared HUD-Treasury Task Push towards the Predatory Financing, the latest statement, Curbing Predatory Home loan Lending, recommends a four-area decide to target predatory lending methods: