Congressman Kagen Says We Have To Rewrite Our Laws To Guarantee That Everyone Has a Fair Shake
May 5, 2009
|Washington, DC — Congressman Steve Kagen, M.D. spoke on the floor of the House of Representatives this morning in favor of ending the predatory lending that has led to many home foreclosures. Kagen said:
“To put our nation on the road to recovery we have to do several things: First, we have to begin to clean up the economic mess that we’ve inherited after the past eight years. Secondly, we have to rewrite our laws to guarantee that everyone has a fair shake and a fair opportunity to make it in today’s economy – and together we will.
Last week, I was very proud to stand here and vote for the Credit Cardholders’ Bill of Rights, and today I rise in favor of the Mortgage and Anti-Predatory Lending Act.
This bill would help end the predatory lending that is a major factor in the many – far too many – home foreclosures now taking place. The bill would prohibit lenders from steering their customers into higher cost loans. It would ensure that borrowers actually have the ability to pay back the money that they’re taking out, and it would establish a simple standard for all home loans.
I believe we have to work hard for people everywhere, to guarantee they can make it and keep their heads above water. Let’s pass the Mortgage and Anti-Predatory Lending Act and build a better future for everyone.”
Congressman Kagen organized a discussion in Green Bay yesterday about credit card debt. He voted for the Credit Cardholder’s Bill of Rights which passed overwhelmingly in the House calling it, “a wake-up call for everyone”.
The House is scheduled to vote on The Mortgage Reform and Anti-Predatory Lending Act of 2009 this week.
To view the speech, go to: http://www.youtube.com/watch?v=GI_c78WJYbU