Big Bank lobbyists are working to defang a provision of the Dodd-Frank Wall Street reform law. The provision they are trying to weaken would prevent the banks from pushing unaffordable loans on unsuspecting families.
They’ve recruited Sen. Bob Corker (R-Tenn.) to attach get-out-of-jail-free language for the banks to a non-controversial piece of legislation, the Responsible Homeowner Refinancing Act (S. 3522), a bill which will make it easier for consumers to refinance at current low-interest rates.
The Corker amendment, if allowed to pass, would grant the banks legal immunity, even when they push predatory loans they know that consumers won’t be able to pay back.
Aggressive sales of unaffordable loans containing hidden fees, tricks and traps were at the heart of the financial crisis and the foreclosure disaster.
Don’t let them get away with it.
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