RESOLUTION NO.
Presenter
Presented by Ms. McDonald
Title
WHEREAS, predatory lending is an act of unscrupulous and unlawful lending practices, in which our individual residents and communities are targeted with abusive sales and marketing tactics; and,
Body
WHEREAS, there is a legitimate sub-prime lending market which provides loans to many borrowers who have impaired credit, and this lending market performs a significant service to citizens of this City, particularly those in distressed areas; and,
WHEREAS, unfortunately, there are also lenders that engage in specific predatory practices that take advantage of our citizens by abusing or unethically combining the use certain lending tools used by legitimate sub-prime lenders that result in the borrower being placed into a fiscal cycle of never ending debt; and,
WHEREAS, the Council of the City of Pittsburgh desires to take action to investigate restricting predatory lenders from exploiting our businesses and communities through the creation of the "Anti-Predatory Lending Taskforce", the purpose of which shall be as follows:
To evaluate existing anti-predatory lending consumer education programs and develop such a program tailored to protect, inform and be marketed to Pittsburgh citizens.
To evaluate existing national anti-predatory lending ordinances, state laws and federal agency regulations in order to better identify and define predatory practices and set a legislative agenda for the City.
To develop a plan for a real estate lending assistance and enforcement task force.
Creating a process for aggressive investigation and enforcement of predatory lending violators.
Establish partnerships with county, state and federal agencies, when appropriate, to broaden the enforcement options available ; and,
WHEREAS, the Anti-Predatory Lending Taskforce shall be comprised of the following:
City Council's Finance Committee Chair as Chairperson, the President of Council or designee, the Direct...
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