Poll: 'Predatory' Laws Si, Subprime Limits No

A national survey has found that 76% of homeowners don't want access to subprime loans restricted, but that 82% support regulations to protect consumers from unfair and predatory lending, according to a coalition of subprime lenders that sponsored the survey.The Coalition for Fair and Affordable Lending said it believes the poll of 800 registered voters confirms the need for consumer protections. But CFAL director Wright Andrews said the survey also confirms that the public is concerned about conflicting state and local laws that restrict access to credit. CFAL has been lobbying Congress for legislation that establishes a national lending standard that protects consumers and pre-empts state and local predatory lending laws. Mr. Andrews said he expects a House Financial Services subcommittee to hold a hearing on a predatory lending bill in October. The joint poll by American Viewpoint and Fairbank, Maslin, Maullin & Associates was conducted during the last week in July. Nearly 10% of the respondents had been denied a mortgage loan in the past and 36% had refinanced in the past two years.