HIGHTSTOWN, N.J. – Citing the New Jersey banking lobby’s lack of “wholehearted” support for predatory lending legislation recently approved by the state Assembly, Credit Union Affiliates of New Jersey President/CEO Russell Clark said the bankers’ actions speak for themselves. The bill, known formerly as “The New Jersey Home Owner Security Act of 2002″ (A-75) passed in the state General Assembly earlier this month. The measure now heads to the New Jersey Senate for consideration. In addition to limiting certain abusive lending practices and making it easier for predatory lending victims to recover their losses, the measure carries penalties of up to six months in jail and $1,000 in fines if an individual or institution is found to be in violation of the law. “With bankruptcy filings at an all-time high, the blame for predatory lending has to fall somewhere. I think the fact that credit unions stand behind the bill and the banking lobby does not, speaks for itself on exactly who banks are looking out for,” said Clark. New Jersey’s banking lobby has stated that the legislation is too strongly worded, in their opinion. The New Jersey Bankers Association believes that the measure will indirectly chase mortgage companies out of the state and consequently drive up mortgage rates for those companies that decide to remain in the state and do business.

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