We are still recovering from the most severe financial crisis since the Great Depression. Home values crashed, savings accounts shrank, millions of jobs were lost or eliminated, and access to credit became nonexistent. Many Americans were left with loans they were unable to afford based on misleading promises of low payments that ballooned at the worst possible time. This was the result of Wall Street greed, deregulation, and the failure of federal regulators to act in the interests of consumers.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed in 2010, overhauled the financial industry and reined in Wall Street abuses. It included my amendment to protect seniors from abusive terms in reverse mortgages.
In order to ensure basic consumer protections and clear disclosure of relevant loan or other consumer financial information, the Dodd-Frank Wall Street Reform and Consumer Protection Act also included a provision to establish a national watchdog of the financial industry. I supported the creation of the Consumer Financial Protection Bureau from the beginning because I believe that the safety of financial products is as important as the safety of any consumer good. Finally, consumers have a single place where they can go to for help with credit cards, mortgages, student loans, and other financial products.
More on Financial Protections
CHICAGO – Today, Rep. Schakowsky stood alongside the Renters Organizing Ourselves to Stay (ROOTS) partners, elected officials and Fannie Mae, the nation’s largest foreclosing owner, to announce the acquisition of 44 rental units that will provide stable, permanently affordable housing to an estimated 200 residents. ROOTS works by leveraging cost avoidance strategies to secure discounts up to 30% on foreclosed properties, allowing Enterprise Community Partners, the Cook County Lank Bank and CMHDC to acquire properties and preserve them as long-term affordable rental housing.
Washington, D.C. – Rep. Jan Schakowsky released the following statement on the Homeowner Flood Insurance Affordability Act, which passed the House yesterday.
“My District has been hit by a series of so-called ‘100-year floods’, which have damaged the homes of many residents. Similar storms have impacted families all across our country. To address this issue, I was proud to vote for the Homeowner Flood Insurance Affordability Act, which passed the House yesterday.
Washington, D.C. Today, the Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade held a hearing about electronic data security and breach notification. Congresswoman Jan Schakowsky, the top Democrat on the subcommittee, was pleased to welcome Illinois Attorney General Lisa Madigan to share her perspective on those issues and to inform the committee about the steps the state has undertaken to protect consumers. Schakowsky issued the following statement after the hearing:
Bill Includes Schakowsky's Amendment to Ensure that Reverse Mortgages Don't Exploit Seniors