This is a big one for me. I can't tell you how huge the foreclosure market is in California because of these kinds of practices, and the people being preyed upon are the ones in the worst shape. Great to see the Democratic majority addressing the needs of real people.
...(I)t is not enough simply to create homeownership - we must sustain, preserve, and protect it as well. Yet, today, we are seeing increasing evidence that this important source of wealth for so many American families is under a grave threat from predatory, abusive, and irresponsible lending practices undertaken by too many subprime lenders.
The borrowers who are too frequently targeted for these loans are minorities, immigrants, the elderly, and the unsophisticated. For these families, failure means the loss of a home, the loss of wealth, the loss of middle class status, and the loss of the opportunity for financial security.
The Agonist has more...