WASHINGTON — Self-Help Credit Union CEO Martin Eakes, also CEO of the Center for Responsible Lending, told the Senate Banking Committee during a Feb. 7 hearing that the “subprime mortgage market today is a quiet but devastating disaster.” He continued, “The ultimate effects are very much like Hurricane Katrina, as millions of citizens lose their homes and the fabric of entire communities is threatened. The difference is that this disaster in the subprime market is occurring every single day across the country, house by house and neighborhood by neighborhood.” The hearing was entitled Preserving the American Dream: Predatory Lending Practices and Home Foreclosures.

Eakes’ recommendations to restore responsibility to lending included:

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