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May 12, 2009 (Washington, DC) – Congressman Filner has joined his colleagues in passing the Mortgage Reform and Anti-Predatory Lending Act, H.R. 1728. This legislation aims to prevent the types of predatory and irresponsible mortgage loan practices that played a major role in the current financial and economic meltdown.
Congressman Filner worked to include a provision in the final bill that provides protection for renters. Congressman Filner’s amendment requires landlords to provide notice to their renters when they go into default and are in danger of foreclosure.
“Too often renters pay their rent on time and assume their landlord is paying the mortgage, only to find out later this is not true. Sadly, in some cases they only discover the owner wasn’t paying the mortgage when the property is foreclosed upon,” said Rep. Filner. “Even worse, in some cases, landlords will rent a house when they know they can’t pay the mortgage. They will rent these homes knowing they are going to be foreclosed on, and never say a word to the potential tenants.”
Filner continued, “We need to ensure renters have all the information. If their landlord is not able to pay the mortgage, they need to know this as soon as possible, and definitely before they sign the lease agreement.”
Among other local Congressional representatives, Brian Bilbray and Susan Davis also voted for H.R. 1728, while Duncan D. Hunter and Darrell Issa voted against the measure.
The Congressional Budget Office estimates the measure will cost $2 for each American over the 2009-2014 period.
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