English | Sep. 30, 2002 | ISBN: 0756744067 | 187 Pages | PDF | 4 MB
Chairman SARBANES. Let me call this hearing to order. There are a number of people outside waiting. Are there any empty seats out there? We are going to try to move a few more people in. We may have them standing in the back. But if there is any way for people who are already in to tighten up a bit, we would appreciate that. And to the extent that we can add some others and they can stand in the back, we will try to do that as well in order to accommodate people. This morning the Committee on Banking, Housing, and Urban Affairs will hold its third hearing on the subject of predatory lending. Our previous two hearings on this subject focused largely on the predatory loans and practices which have resulted in stripping hard-earned equity away from many low-income homeowners. These include folding high points and fees, as well as products such as credit insurance, into the loan. We examined in those hearings held this past July how unscrupulous lenders and mortgage brokers target low-income, elderly, and uneducated borrowers as likely marks for predatory loans.
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