|D.C. Anti-Predatory Lending Law Suspended
Council approves 4 month moratorium
November 7, 2001
By MortgageDaily.com staff
The Washington D.C. Council voted to suspend the city's anti-predatory lending law for four months while the banking department works the council committee that oversees the banking industry, according to a story in the Washington Post (Post). Industry concerns with the reporting requirements and predatory-lending provisions will reportedly will be addressed.
The Council approved a proposal last November to overhaul the city's 99-year-old foreclosure laws and crack down on "predatory" lending practices, the Post reported last year.