NYC Council Overrides 'Predatory' Veto

The New York City Council has overridden the mayor?s veto of its predatory lending ordinance by an overwhelming vote of 40-5.The ordinance (No. 67) will prohibit lenders and purchasers of predatory loans, as defined in the ordinance, from doing business with the city. The Bond Market Association, which opposed the ordinance, argued when the legislation was first passed that it "lacks a sense of proportionality between the punishment and any violations, especially when one considers the fact that secondary market participants face potential penalties for the actions of lenders over which they have no control." The association has maintained that secondary market participants would not be able to comply with many of the ordinance's provisions.