November 16, 2007

Statement of Chairman Dodd on House Passage of Predatory Lending Legislation

“The House should be commended for passage of a measure to address the problem of predatory lending. As I have said before, to be effective, legislation must meet two requirements: first, it must establish strong standards against abusive practices such as prepayment penalties, steering, and other problems. Second, it must provide for strong enforcement to ensure that those standards are met. My bill, which I will introduce soon, will meet both requirements and help protect homeowners from predatory lending.”