WASHINGTON, D.C. – U.S. Representative Jan Schakowsky (D-IL)
today applauded Financial Services Committee ranking member John
LaFalce’s (D-NY) efforts to protect consumers from predatory
financial practices. Schakowsky joined other Democratic
members of the Committee at a news conference to unveil LaFalce’s
Consumer Bill of Rights for Financial
Services.
Last Congress, Schakowsky authored H.R. 3901, anti-predatory
lending legislation. Schakowsky is preparing to reintroduce
this measure again this Congress. The “Save Our Homes Act of
2001” will attack predatory practices in the mortgage industry such
as high interest rates, single premium insurance products, loan
flipping and churning, unilateral call provisions, and loans made
without regard to the borrower’s ability to
pay.
Below is Schakowsky’s statement from today’s news
conference.
“I am eager to join Representative John LaFalce and my other
colleagues in urging the House Financial Services Committee to
finally address the needs of consumers. It’s been a long time
coming. Last session, Congress worked very hard to give banks
the power to compete in the global marketplace. Now it’s time
for us to give something to consumers. And there’s plenty to
give.
“Consumers are demanding affordable banking services.
They are insisting that their finances remain their personal private
information. And they need protection from aggressive
financial predators. I have been working with Representative
LaFalce since I got to his committee to give consumers what they
deserve and I am happy to join him today to continue that
fight.
“And it is a fight. Our Republican colleagues would
rather cater to wealthy interests by passing tax cuts for the rich
and bankruptcy laws for credit card companies. But consumers
want us to get these aggressive, sometimes predatory, companies out
of their wallets. They write to me and say, “it is outrageous
that Congress has failed to protect consumer privacy.” They think
that credit card solicitations are “close to a scam.” I have a
letter writer who tells me that “the predators in the lending
business should suffer 30 years in jail just as their crimes
sentence their victims to 30 years of interest and principal
payments [for predatory home loans].” It is way past time that
we give something to consumers.
“I
introduced several pieces of legislation last year that would
protect consumer privacy, attack high fees and stop predatory
lending. And I plan on reintroducing my anti-predatory lending
bill, Save Our Homes Act of 2001, very soon. I applaud
Congressman LaFalce for his leadership. I hope that together, we can
finally address these concerns. It’s way past time that our
Republican colleagues joined this
effort.” |