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Issue Position: Stop Mortgage Fraud and Predatory Lending Practices

Issue Position

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Date:
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As chairman of the Senate Financial Institutions Committee, I sponsored SB2349, the Mortgage Rescue Fraud Act last session, when I became aware of the mounting problem of mortgage fraud as reported in the Tribune's five--part series "The New Street Hustle." In response to a new study by the Center for Responsible Lending, "The Effect of Race and Ethnicity on the Price of Subprime Mortgages," I will be pushing mortgage steering legislation to prohibit the deliberate steering of minorities into sub-par loans.


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