The House Financial Institutions Subcommittee will hold a special hearing on predatory lending next week, according to the office of Rep. Carolyn Maloney (D-NY), who chairs the subcommittee.
Rep. Maloney released a statement Wednesday saying the committee will discuss predatory lending practices and address the underlying causes of recent foreclosures in the marketplace.
“The trend of increased foreclosures is certainly troubling, and it is important to understand the potential root causes,” said Rep. Maloney. “Clearly, not all subprime or exotic lending is destructive, but abusive practices do exist and Congressional oversight is needed. I look forward to this hearing and the information it will bring,” she added.
The hearing, which is titled “Protecting Home Ownership: How Current Subprime Mortgage Practices and Products Affect Foreclosures,” is set to convene on Tuesday, March 6, at 10 a.m.