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Responsible Lending Defeated By Irresponsible Lobbying As Congressman Ney Steps Down

For all the hoopla the Responsible Lending Act [1] garnered last spring, it appears to have stalled and one of the bill’s co-sponsors, Representative Bob Ney, is implicated in the Abramoff lobbying corruption scandal [MSNBC]. [2] Here’s more on that [LA Times] [3].

So much for congress to act on predatory lending and tightening appraiser accountability [Businessweek] [4].

The bill was introduced on March 15, 2005 and referred to referred to the Subcommittee on Housing and Community Opportunity [Thomas] [5] on May 13, 2005.

The Responsible Lending Act HR 1295 [Soapbox] [6] met with mixed reactions with several agencies going on record stating that it would weaken laws against predatory lending [Soapbox] [7].