PRINTER'S NO. 1281

THE GENERAL ASSEMBLY OF PENNSYLVANIA

HOUSE RESOLUTION

No. 178 Session of 2005

        INTRODUCED BY PISTELLA, DeWEESE, BELFANTI, CALTAGIRONE, CAWLEY,
           CRUZ, DeLUCA, FRANKEL, FREEMAN, GEORGE, GRUCELA, HERSHEY,
           JAMES, KOTIK, LESCOVITZ, ROEBUCK, SHANER, SOLOBAY, THOMAS,
           WALKO, WATERS, WHEATLEY, YOUNGBLOOD AND TIGUE, MARCH 29, 2005

        REFERRED TO COMMITTEE ON COMMERCE, MARCH 29, 2005

                                  A RESOLUTION

     1  Memorializing the Congress of the United States to preserve
     2     State and local government authority to regulate predatory
     3     lending practices.

     4     WHEREAS, Predatory lending abuses that take away homeowners'
     5  equity and lock borrowers into high interest rates pervade the
     6  subprime mortgage market, as evidenced most recently by
     7  predatory lending settlements entered into by two of the very
     8  largest subprime lenders; and
     9     WHEREAS, Fannie Mae estimates that up to one-half of the
    10  borrowers who have subprime loans should qualify for "A" loans
    11  with substantially lower rates and fees; and
    12     WHEREAS, The targeting of subprime loans to people of color,
    13  low-income and moderate-income families and senior citizens
    14  costs those who can least afford it billions of dollars each
    15  year and reverses hard-won progress that has been made on
    16  reducing racial homeownership gaps; and
    17     WHEREAS, Lenders that make predatory home loans are lobbying

     1  the Congress of the United States to negate State and local
     2  antipredatory lending laws without providing any meaningful, new
     3  protections for consumers; therefore be it
     4     RESOLVED, That the House of Representatives of the
     5  Commonwealth of Pennsylvania memorialize Congress to protect and
     6  respect the authority of State and local elected officials to
     7  protect their constituents from predatory lending practices that
     8  strip away hard-earned home equity, trap borrowers in excessive
     9  interest rates and cause families to lose their homes; and be it
    10  further
    11     RESOLVED, That copies of this resolution be transmitted to
    12  the presiding officers of each house of Congress and to each
    13  member of the Congress from Pennsylvania.












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