Predatory Lending Bills

Predatory Lending Bills Compared

There are two (anti)predatory lending bills winding their way through Congress. The first, Ney-Kanjorski, is basically an industry sponsored bill that sanctions all but the worst conduct and pre-empts the states from doing anything about what's left. The second, the Miller-Watt-Frank bill is a Federal follow-up that takes its cues from the successful North Carolina state legislation from a few years ago. Linked is a responsiblelending.org comparison of these bills. This comparison is somewhat dated, (March 16, 2005) but it's the best I've seen.

Based upon what happened with the bankruptcy legislation, I'm not too encouraged at the prospects of what will come of this. If you get a chance, look at these bills and contact your legislator.