Young Calls for Creation of a Committee to Investigate Predatory Lenders

INDIANAPOLIS, IN - Today, State Senator and gubernatorial candidate Richard Young, submitted a resolution urging the Legislature to assign a committee to investigate predatory lenders, mortgage abuses, and the high rate of foreclosures in Indiana.
 
“The increased use of sub-prime loans and predatory mortgages, which carry abusive terms and excessive and hidden fees has put more and more Hoosiers at risk of losing their homes.”  Senator Young stated.  “People want a piece of the American dream, but instead of building financial security they are literally gambling away their nest eggs.”
 
The resolution directs the committee to investigate the underwriting standards and conduct of mortgage brokers as well as the overall economic impact of Indiana’s high foreclosure rates.  The committee will also look into the disproportionate share of sub-prime loans received by minorities and minority communities.
 
Young continued, “In 2006 there were 47,550 foreclosures - This is a tragedy.  To put that number into perspective, imagine every homeowner in South Bend foreclosing on their home.”
 
The Senator concluded, “Foreclosures can be devastating to families, communities and compromise the economic security of our state.”
 

Source: Senator Richard Young Press Release 

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