home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Predatory Lending News
FTC and HUD settlements. Class action lawsuits. Predatory lending prevention. Archives back to 2001.




Comptroller Says Banks Not Really the Predatory Problem

OCC Pre-Empts Georgia Fair Lending Act

August 1, 2003

By ANNE LINEBERRY


Predatory and abusive lending is, based on the evidence, virtually non-existent in the national banking industry, the Comptroller of the Currency said Thursday. He added that consumers he has spoken with say loan brokers and finance companies are the source of abuses and predation.

"I have met with consumers who have been the victims of predatory lending practices, and the consistent pattern I hear is that the lender at issue was a finance company or a loan broker, not a national bank or its subsidiaries," said John D. Hawke, Comptroller of the Currency, in a statement explaining office's decision to pre-empt Georgia's Fair Lending Act, which is a state law designed to protect borrowers in that state from predatory lending.

"I have made clear on a number of occasions that predatory and abusive lending practices have absolutely no place in the national banking system, and I am glad to say that evidence that national banks are engaged in any such practices is virtually non-existent," Hawke said in the statement, adding "The OCC has no evidence that national banks are engaged in predatory and abusive lending practices to any discernable degree."

Hawke also cited "an extensive study of predatory lending conducted recently by HUD and the Treasury Department," saying that the study found "abuses were less likely to occur in lending by banks that are subject to extensive oversight and regulation."

In the order pre-empting Georgia's law, the document pointed out that the OCC had issued its own "detailed guidance" for national banks to follow when originating mortgages, using brokers and purchasing loans.

The order also cited the supremacy clause of the U.S. Constitution and a recent U.S. Supreme Court case that reaffirmed the exclusivity of federal law in determining the interest rates a national bank can charge.

In his statement, Hawke also pointed out that "the burdens, impediments and inconsistencies of overbroad state and local legislation" on national banks could hinder their ability to make credit available to subprime borrowers.

Last week, another government agency, the Office of Thrift Supervision, pre-empted a New Jersey law aimed at predatory lenders, exempting federal savings associations from the law. The OTS said it had already exempted the associations from similar laws in Georgia and New York.


Anne Lineberry is MortgageDaily.com's editor. She previously worked as an online editor/producer for DallasNews.com and on the Metropolitan desk for the print edition of The Dallas Morning News. Email Anne at [email protected]



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders