This week, the House is expected to swiftly vote on the “Economic Growth, Regulatory Relief and Consumer Protection Act,” the harmful banking bill that was recently passed in the Senate. If passed in its current form in the House and signed into law, this bill would open the door to predatory lending and housing discrimination. The effects would be felt mostly by manufactured home owners and homebuyers of color.
Section 107 of the bill would allow sellers to market costly loan products to borrowers that are highly profitable for sellers, but predatory for buyers. Though proponents argue this will increase access to manufactured housing, in reality, it will do the exact opposite.
Section 104 would make it easier for some banks to discriminate by weakening the Home Mortgage Disclosure Act (HMDA) regulations. Exempting certain banks from HMDA requirements makes it harder to identify discriminatory lending practices at these institutions.
Once introduced, the bill will move quickly for a vote in the House. Unless we express our strong opposition as soon as possible, this bill will certainly become law.
Send an email at https://prosperitynow.quorum.us/campaign/9805/ or go to https://prosperitynow.quorum.us/campaign/9789/ to call your Representative today and tell her/him to stand up for homeowners by opposing these harmful provisions!
Do you have questions about the banking bill? Please contact Anju Chopra at achopra@prosperitynow.org.
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