TBMA to Join 'Predatory' Debate

The Bond Market Association is going to be very involved in the legislative debate over predatory lending this year, according to TBMA's top lobbyist."We would like to see a uniform national standard to pre-empt state and local predatory statutes and ordinances in a way that provides for assignee liability that is based on clear and objective standards," TBMA executive vice president John Vogt told reporters. If done improperly, the assignee liability provision could hurt the secondary market and increase the cost of subprime loans, he warned. Mr. Vogt said there is a "significant interest" in Congress in pursuing a predatory lending bill, and "we will be there to help in any way we can." The association can be found on the Web at http://www.bondmarkets.com.