Presenter
Presented by Mr. Ricciardi
Title
WHEREAS, homeownership has become a reality for many Pennsylvanians through the greater availability of conventional and subprime mortgage loans; and such loans have been made in good faith to borrowers looking to own their own home; and many more borrowers have had access to the dream of homeownership through the healthy expansion of a fair subprime lending market; and
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WHEREAS, predatory lending has become more common in the subprime lending market; and borrowers have fallen victim to unreasonable fees, penalties, balloon payments, and upfront costs not included in conventional loans; and predatory lenders have aggressively marketed their unscrupulous loans on the most vulnerable, especially seniors, widows, and minority borrowers; and
WHEREAS, foreclosure rates have skyrocketed and homeowners have lost their greatest asset, their homes, in record numbers; and
WHEREAS, the Secretary of Banking of the Commonwealth, the Honorable A. William Schenck III, has released a report detailing the nature of predatory lending in the Commonwealth of Pennsylvania; and the report, entitled "Losing the American Dream: A Report on Residential Mortgage Foreclosures and Abusive Lending Practices in Pennsylvania" presented to the Pennsylvania House of Representatives on the 15th day of March, 2005 has revealed many reasons for great concern that abusive lending practices are rampant; and
WHEREAS, it is clear that Pennsylvania's policymakers, financial industry leaders, and consumer advocates are united in their commitment to protecting vulnerable consumers; and
NOW THEREFORE BE IT RESOLVED that The Council of the City of Pittsburgh does hereby declare the first day of April, 2005 to be "Don't Be Fooled By Predatory Lenders Day" in the City of Pittsburgh and encourages all residents to participate in the day-long Consumer Finance Awareness activities offered from 10 a.m. until 3 p.m. in the lobby area of the Cit...
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