Testimony to the Committee on Consumer and Regulatory Affairs

Testimony

Testimony to the Committee on Consumer and Regulatory Affairs

Budget Hearing for the Department of Insurance, Securities and Banking
May 4, 2006

Abstract

The latest data for the District of Columbia indicate that the share of mortgage loans from subprime lenders is declining, but differences across wards and racial and ethnic groups point to areas where predatory or illegal practices might be occurring. The Council can consider several measures to address these concerns, including providing better education and credit counseling for homebuyers, requiring more reporting by mortgage lenders, and testing mortgage lenders for fair housing practices.

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