Transcript: MORTGAGE LENDING ABUSES:CHARLES E. SCHUMER

Article from:
Congressional Testimony
Article date:
May 24, 2000
Copyright

00-00-0000
Testimony of Senator Charles E. Schumer Hearing on Predatory Lending Practices House Committee on Banking and Finance

May 24, 2000

Thank you Chairman Leach for allowing me the opportunity to testify at this morning's hearing on Mortgage Lending Abuse.

There can be no disputing the fact that there has been an enormous rise in the incidences of predatory lending. And this rise has paralleled the explosion of subprime lending in the past ten years, again most notably in our nations's minority and low- income neighborhoods. Subprime lending has grown from a $20 billion to $150 billion dollar industry between 1993 and 1998. There were 80,000 subprime loans made ...

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