Feds push for new measures to help women targeted by predatory lenders

TRD New York /
Jan.January 18, 2010 09:28 AM

The government may soon come to the aid of women who have been disproportionately targeted by subprime lenders. The Wall Street Reform and Consumer Protection Act, passed by the House of Representatives last month, calls for the creation of a new federal agency that would collect data on gender and lending. Similarly, President Obama has pushed to amend the Home Mortgage Disclosure Act of 1975 in order to improve its ability to detect gender patterns. More broad efforts to crack down on mortgage fraud and hold banks accountable for their lending practices also stands to help women keep their homes. Senator Chris Dodd’s new Fraud Enforcement and Recovery Act aims to curb predatory lending and could see a vote in Congress this year. The Community Reinvestment Act of 1977, which produces report cards for banks on their lending but which currently does not apply to non-bank lenders, could also be expanded. Most females who were saddled with bad subprime loans during the housing boom were targeted by non-bank lenders, who are not currently subject to as much regulation from the federal government. [WeNews]

Related Articles

Fake sultan sentenced after allegedly defrauding Miami real estate billionaire and others

Fake sultan sentenced after allegedly defrauding Miami real estate billionaire and others

From left: 80 Columbus Circle, Jho Low, and 118 Greene Street

Jho Low’s NYC condos to hit market as part of forfeiture lawsuit

Morgan Management CEO Robert Morgan (Credit: Facebook and iStock)

One of the country’s largest landlords accused of “Ponzi scheme-like” scam

Joseph Strasburg of the Rent Stabilization Association (Credit: iStock)

As rent regulation deadline nears, RSA suggests reforms to individual apartment improvements program

Megalith CEO Sam Sidhu and 1660 First Avenue (Credit: Tobias Truvillion and Google Maps)

Samvir Sidhu sues over squashed contract to buy Yorkville property

Rodrigo Niño and 84 Williams Street (Credit: Google Maps)

Crowdfunding firm Prodigy is broke, former exec claims in defamation lawsuit

Clockwise from upper L: 155 East 55th Street, 210 East 58th Street and 65 West 55th Street (Credit: Google Maps)

Trio of Manhattan buildings up for sale following claims of mismanagement

Ana Sorokin (Credit: Getty Images)

Con artist who sought nightclub deal with Aby Rosen gets 4 to 12 years in prison