Tell Your Legislators to Crack Down on Abusive Mortgage Lending

Right now, the Oregon legislature in the midst of a short three week session, and one of the issues under discussion is mortgage lending reform.  The Oregon legislature should rein in overly aggressive lending and crack down on abusive lending practices.  

To protect Oregon homeowners we must make sure that any version of the bill does at least three things. 

First, we should set people up for success in homeownership by enacting reasonable standards to evaluate a borrower’s ability to repay.

Second, we should under no circumstances penalize subprime borrowers for paying off their debt.  That’s why we simply need to prohibit abusive prepayment penalties that can trap borrowers in a bad deal.

Third, we must provide Oregon families the right to defend their home from foreclosure.  Buying a home is the most important financial transaction most families will undertake, and consumers should be able to take action to defend their rights.  We must help support the state agencies who just don’t have the staff or the resources to effectively police these transactions.

You can help by telling your legislators that they need to pass real reform to mortgage lending this February, not watered down legislation …And be sure to add your personal comments and stories!

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