Consumers Oppose SB 616!
Bill removes Banking
Commissioner’s power to root out predatory
As the result of predatory mortgage lending
practices by sub-prime lenders, almost 1,000
West Virginians lost their homes in 2005 -- up
from 761 foreclosures in 2002. In addition,
many people who are hanging on to their homes
are paying outrageously high mortgage payments
due to predatory lending practices.
In August of 2005, the West Virginia Banking
Commissioner agreed to require sub-prime lenders
to supply additional information on their annual
reports. The information helps the Commissioner
determine the likelihood that lenders were
engaging in predatory lending practices and take
steps to stop it.
The purpose of Senate Bill 616 is to take away
the Banking Commissioner’s power to require this
The Legislative Action Team on Children and
Families* strongly opposes SB 616, because it
fails to protect West Virginia consumers from
predatory mortgage lending.
Commissioner should keep the power to get
information from sub-prime lenders in order to
root out and stop predatory lending practices.
The Banking Commissioner also needs the
flexibility to make changes from year to year in
the information required from sub-prime lenders
in order to root out new predatory lending
practices as they emerge.
Contact your legislators and urge them to oppose
SB 616 and protect the Banking Commissioner’s
power to root out predatory mortgage lending.
Send e-mails directly to your
legislators from the Legislative Action Center
on Children and Families at
Just click on the “Consumers Oppose SB 616”
alert and follow the instructions.
Call 1-877-565-3447 to leave a
message or be transferred to your legislator's
office. You can leave messages after hours that
will be delivered to your legislators the next
For more information on this issue, contact
David McMahon at firstname.lastname@example.org.
* The WV Legislative Action Team for Children
and Families includes the National Association
of Social Workers - WV Chapter, WV Coalition
Against Domestic Violence, WV Healthy Kids and
Families Coalition, WV Kids Count Fund, and WV
Welfare Reform Coalition. The online
Legislative Action Center is managed by Prevent
Child Abuse West Virginia.
Please forward this alert to others.