{"id":7157,"date":"2009-04-28T12:28:00","date_gmt":"2009-04-28T16:28:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/merkley-introduces-two-bills-to-promote-mortgage-transparency-and-protect-homeowners\/"},"modified":"2023-07-24T11:11:50","modified_gmt":"2023-07-24T15:11:50","slug":"merkley-introduces-two-bills-to-promote-mortgage-transparency-and-protect-homeowners","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/merkley-introduces-two-bills-to-promote-mortgage-transparency-and-protect-homeowners\/","title":{"rendered":"Merkley presenta dos proyectos de ley para promover la transparencia hipotecaria y proteger a los propietarios de viviendas"},"content":{"rendered":"

Washington, DC
\n– Oregon’s Senator Jeff Merkley today introduced two pieces
\nof legislation designed to protect homeowners from deceptive, unfair
\nlending practices. The Transparency for Homeowners Act ends secret steering
\npayments to brokers who lead homeowners into deceptive mortgages that
\nthey cannot afford over the long term. The Promoting Mortgage Responsibility
\nAct prohibits the use of prepayment penalties that prevent homeowners
\nfrom refinancing into a more affordable loan.<\/p>\n

\n

“Irresponsible lending practices
\nlike secret steering payments and prepayment penalties have turned home
\nmortgages into a scam,” said Merkley. “These deceptive practices
\nhave had devastating consequences. Approximately 20,000 Oregon families
\nwill lose their homes to foreclosure this year and millions more foreclosures
\nare expected across the country. The bills I am introducing today will
\nhelp families feel confident they are receiving a fair deal when applying
\nfor a mortgage.”<\/span><\/p>\n<\/blockquote>\n

[Audio
\nof Senator Merkley’s comments is available here<\/a>.]<\/p>\n

[Video
\nof Senator Merkley’s floor speech on the legislation is available
\nhere.]<\/a><\/p>\n

Deceptive lending practices have created
\na ripple effect that has sent the nation into economic recession. Under
\nthe current rules, mortgage lenders have been allowed to purposefully
\nsteer families into bad loans, even when they qualify for loans under
\naffordable terms. This practice has significantly contributed to the
\ncurrent mortgage crisis. A study for the Wall Street Journal found that
\n61 percent of the subprime loans originated in 2006 went to families
\nwho qualified for prime loans.
\nNationwide, an estimated 2 million families will lose their homes this
\nyear and up to 10 million over the next four years.<\/p>\n

Prepayment penalties compound the problem
\ncreated by steering payments by making it unaffordable for families
\nto refinance into new loans with reasonable terms.<\/p>\n

\n

“Instead of fulfilling a dream and
\ncontributing to a secure financial future, home mortgages have become
\na vehicle for stripping wealth from working Americans,” said Merkley.
\n“This new legislation will restore transparency to the mortgage lending
\nprocess and help make home ownership a stable investment for families
\nonce again.”<\/span><\/p>\n<\/blockquote>\n

Audio<\/a> of Senator Merkley’s comments on the bill
\nis available here:<\/p>\n

http:\/\/demradio.senate.gov\/actualities\/merkley\/merkley090428.mp3<\/a><\/p>\n

Video<\/a> of Senator Merkley’s floor speech on the
\nlegislation is available here:<\/p>\n

http:\/\/www.youtube.com\/watch?v=TvKztTvNLfE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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