Pols Voice Concerns About Nat'l Predatory Bill

Lawmakers on Tuesday expressed hopes of someday passing legislation to establish national fair-lending standards for subprime funders, but there were indications that getting there could be difficult.At a hearing on subprime lending, Rep. Maxine Waters, D-Calif., chastised subprime lenders for preying on minorities and senior citizens, warning that if a legislative solution cannot be achieved, subprime victims will "rally and protest" at institutions "in ways they might not like to see." Rep. Bob Ney, R-Ohio, chairman of the House Financial Services subcommittee on housing and community opportunity, said that before Congress can draft and pass a national subprime standards bill, lawmakers must first define subprime lending and assess the impact of state predatory lending laws on both consumers and lenders. Representatives of the subprime industry and public interest groups were testifying before the Ney subcommittee as of MortgageWire's deadline. According to figures compiled by National Mortgage News, all subprime funders originated a record $385 billion in loans last year. Ten years ago the sector funded $34 billion.