Rep. Mel Watt, D-N.C., is preparing to reintroduce his predatory lending bill, modeled after the North Carolina predatory lending law, very soon."North Carolina's predatory lending law has worked, and we think it is a good model for a federal predatory lending law," Rep. Watt told a Washington meeting of the Association of Community Organizations for Reform Now. He noted that studies have shown the 1999 North Carolina law has reduced abusive practices without restricting access to subprime loans. Reps. Watt and fellow North Carolina Democrat Brad Miller introduced a similar bill (H.R. 3974) last year. But this time the bill will prohibit binding mandatory arbitration and restrict prepayment penalties on loans with balances under the FHA loan limit ($312,895). Rep. Watt said he has not seen a predatory lending bill that Reps. Bob Ney, R-Ohio, and Paul Kanjorski, D-Pa., are expected to unveil soon. "We are going to [introduce] our bill, and then we will see if we can work together," Rep. Ney said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11