New Senate Bill Introduced to Create U.S. Agency to Police all Lenders’ Mortgages
By Pam Stewart, Texas Bankruptcy Attorney on Mar 15, 2009 in Mortgage Issues, Mortgage Servicer Abuses, Predatory Lending
Democratic Senators Richard Durbin (Ill.) and Charles Shumer (N.Y.) have introduced a bill to create a Financial Product Safety Commission that could police mortgage products offered by any lender – including federally chartered banks.
The consumer credit protection agency would ensure mortgages and other consumer financial products are safe and not abusive or predatory for the consumer.
According to Senator Durbin, the new commission would ensure “companies are held accountable when they abuse, deceive or take advantage of the consumer.”
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