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

Jan.January 18, 2010 10:28 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]

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