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New York Mayor vetoes anti-predatory lending measure

NEW YORK - New York Mayor Michael Bloomberg has vetoed the city's recently passed anti-predatory lending law. The measure was considered among the toughest in the country and had drawn threats from banks, including Citigroup, to stop mortgage lending in the city if passed. Some credit unions are among the...

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NEW YORK – New York Mayor Michael Bloomberg has vetoed the city’s recently passed anti-predatory lending law. The measure was considered among the toughest in the country and had drawn threats from banks, including Citigroup, to stop mortgage lending in the city if passed. Some credit unions are among the bill’s supporters. The Mayor issued no press release on the occasion of the veto. Political observers in New York are widely of the opinion that the Mayor’s veto will be overridden by the City Council, media sources have reported.

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