Kucinich takes on the Federal Reserve over predatory lending
Posted: Tue Apr 24, 2007 6:52 am
Congressman for the 10th District Dennis Kucinich announced today the his committee would be looking into predatory lending practices, that steam from a lack of oversight on the Federal Reserve Bank of Cleveland.
In an announcement from his Lakewood office. Congressman Kucinich was able to show data that would seem to prove the lack of open over-site by government and the people of the 10th District has allowed the Federal Reserve to work with mergers and closings allowing predatory practices with some banks in Cuyahoga County.
"the maps show a pattern that can be seen with this upside down V area." said the congressman, "It is in this area that the practice has gone out of control. Over-Prime rates have lead to unfair lending and record foreclosures. A person's home is their castle, their dream, their anchor to a city. To loose that because of unfair practices is criminal.
The last time the Cleveland Fed had open meetings was 30 years ago!
We shall watch for this upcoming hearing with interest.
Congressman for the 10th District Dennis Kucinich points to the V of high predatory lender practices and foreclosures.
.
In an announcement from his Lakewood office. Congressman Kucinich was able to show data that would seem to prove the lack of open over-site by government and the people of the 10th District has allowed the Federal Reserve to work with mergers and closings allowing predatory practices with some banks in Cuyahoga County.
"the maps show a pattern that can be seen with this upside down V area." said the congressman, "It is in this area that the practice has gone out of control. Over-Prime rates have lead to unfair lending and record foreclosures. A person's home is their castle, their dream, their anchor to a city. To loose that because of unfair practices is criminal.
The last time the Cleveland Fed had open meetings was 30 years ago!
We shall watch for this upcoming hearing with interest.
Congressman for the 10th District Dennis Kucinich points to the V of high predatory lender practices and foreclosures.
.