Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jul 17, 2008

Declares that Congress recognizes that: (1) for most types of subprime mortgages, borrowers of color are more likely to receive higher rate loans; (2) there are many factors that have played roles in making these mortgages more costly to these borrowers; and (3) policymakers should review whether lower cost lenders need additional incentives to help meet the credit needs of communities of color.

Encourages: (1) fair pricing of home mortgages based only on legitimate risk factors and facilitates economic progress for all borrowers; and (2) lenders to eliminate discretionary pricing in the subprime mortgage market, and to adopt transparent, market-driven prices for mortgages representing similar risks.

Encourages more transparency by: (1) addressing yield-spread premiums in laws designed to protect homeowners from abusive lending practices; (2) prohibiting yield-spread premiums subprime and nontraditional home loans; (3) improving transparency of yield-spread premiums by requiring brokers to explain to applicants what the rate, payment, and fees on the loan could be with and without such premium; (4) following the trends of the securities industry, holding lenders and brokers responsible for providing loans that are suitable for a given borrower; and (5) prohibiting prepayment penalties in subprime loans.

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Encourages preventing pricing discrimination by requiring subprime lenders to disclose more detailed pricing and underwriting information in their Home Mortgage Disclosure Act data.

Encourages: (1) regulators to report annually on the number of fair lending examinations performed and for each examination provide certain publicly available information; and (2) public and private partnerships to ensure that responsible investments are made in underserved communities.

Upholds the laws and regulations that prohibit predatory, irresponsible subprime lending and have proven effective in reducing the number of abusive loans while maintaining a vibrant market for subprime home loans.

Urges policymakers to: (1) endorse legislation that builds on the proven methods for protecting families from abusive lending while retaining access to subprime credit; and (2) oppose preemption of state and local laws designed to protect homeowners.

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People & committees

Who introduced it

Rep. Clarke, Yvette D. [D-NY-11] · D–NY

Committees

Financial Services Committee

1 cosponsorship records, including any withdrawals

Rep. Towns, Edolphus [D-NY-10]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jul 17, 2008
Referred to the House Committee on Financial Services.
Jul 17, 2008
Introduced in House
Jul 17, 2008
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jul 17, 2008 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Feb 6, 2024. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.Con.Res.391 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss H.Con.Res.391, 110th Congress: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Official record: https://www.congress.gov/bill/110th-congress/house-concurrent-resolution/391

Text version to examine: Introduced in House · 2008-07-17.

Official full text: https://www.congress.gov/110/bills/hconres391/BILLS-110hconres391ih.htm

Imported record last updated by the source: 2024-02-06T19:39:49Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.Con.Res.391 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.Con.Res.391 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.Con.Res.391, 110th Congress: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Official record: https://www.congress.gov/bill/110th-congress/house-concurrent-resolution/391

Text version to examine: Introduced in House · 2008-07-17.

Official full text: https://www.congress.gov/110/bills/hconres391/BILLS-110hconres391ih.htm

Imported record last updated by the source: 2024-02-06T19:39:49Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.Con.Res.391 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.Con.Res.391 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.Con.Res.391, 110th Congress: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Official record: https://www.congress.gov/bill/110th-congress/house-concurrent-resolution/391

Text version to examine: Introduced in House · 2008-07-17.

Official full text: https://www.congress.gov/110/bills/hconres391/BILLS-110hconres391ih.htm

Imported record last updated by the source: 2024-02-06T19:39:49Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.Con.Res.391 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.Con.Res.391 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.Con.Res.391, 110th Congress: Recognizing the disparities that are associated with predatory lending abuses in minority communities and expressing the sense of the Congress that as new abuses continue to emerge, such laws should ensure that all those responsible for representing and protecting families have the authority to act to address these new problems.

Official record: https://www.congress.gov/bill/110th-congress/house-concurrent-resolution/391

Text version to examine: Introduced in House · 2008-07-17.

Official full text: https://www.congress.gov/110/bills/hconres391/BILLS-110hconres391ih.htm

Imported record last updated by the source: 2024-02-06T19:39:49Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.Con.Res.391 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.