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Politics : Al Gore vs George Bush: the moderate's perspective -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (2326)	10/13/2000 1:28:42 AM
From: Dayuhan	Read Replies (3) \| Respond to of 10042

That would be a pretty stupid thing to do, and I hope that Washington is using whatever leverage $5 billion a year provides to prevent it. No word of it - or Iraqi troop movements - yet on my preferred site for news of that region: newsvote.bbc.co.uk but that may be waiting for confirmation. Interesting times.

To: Hawkmoon who wrote (2326)	10/13/2000 8:09:12 AM
From: long-gone	Respond to of 10042

More corruption? CURRENCY Committee on Banking and Financial Services James A. Leach, Chairman For Immediate Release: Contact: David Runkel or Tuesday, June 20, 2000 Brookly McLaughlin at 226-0471 Comment Of Rep. James A. Leach Chairman, House Banking and Financial Services Committee On Treasury-HUD Task Force Recommendations on Predatory Lending "There are a number of areas in which the Administration is advancing proposals through the rule-making process to which conservatives on Capitol Hill object. In the case of predatory lending, however, the House Banking Committee held a hearing last month during which frustration was voiced that the Administration had not adequately set forth regulations based on existing statute to protect the consumer from predatory lending practices. "In this context, I’m pleased that the proposals set forth today are largely consistent with the precepts set forth during the Committee’s May 24 hearing. Those precepts are attached." Leach Anti-Predatory Lending Precepts Consumers deserve meaningful and clearly understandable disclosures of loan agreements so that borrowers are informed, rather than confused, by all of the paperwork before them. Lenders shall not extend credit to a borrower unless they have applied appropriate analysis to determine that the borrower is capable of repayment on the terms of the loan. Lenders should not require a borrower to finance points and fees associated with a high-cost loan. The consumer should receive a clear disclosure that the financing of points and fees is optional. A lender should not charge a borrower points or fees to renew, extend, or otherwise modify a high cost home loan, if after the modification the loan remains a high cost loan; or if it is no longer a high cost loan the APR has not been decreased by at least 1.5 percentage points. Lenders shall not use misleading or deceptive sales and marketing practices that induce consumers to enter loan agreements that they cannot afford. Attempts to curb abusive practices should not be made at the expense of credit availability in under-served neighborhoods. Frequent refinancings, or "loan flipping," which unnecessarily increase the loan balance and eliminate equity should not be acceptable. Points and fees associated with refinancing of a high-cost loan should result in a net-benefit to the borrower. Greater efforts should be undertaken to educate the public about borrowing. For example, consumers must be able to easily comprehend that a drop in their monthly payments may not translate into owing less over the long term, and may in fact increase their overall costs. Lenders should provide disclosures, prior to closing, which encourage consumers to seek credit counseling. Regulators should take necessary measures to ensure that an institution’s CRA rating does not improve as a result of loans that were made to low- and moderate-income individuals, but have predatory terms. The secondary market should not be a facilitator of predatory lending, but should take measures to ensure that loans which contain predatory terms are not purchased. house.gov