Mike Thompson: “And Members, the bill on the floor before us is a rotten deal for all consumers, but it is especially bad for our…”

“And Members, the bill on the floor before us is a rotten deal for all consumers, but it is especially bad for our servicemembers. When you are a servicemember, you are often forced to relocate with little notice. That puts our men and women in uniform under tremendous pressure to obtain housing for themselves and for their families, all the while managing the enormous duties that military service requires. It is a lot to handle. We know this and so do the financial predators. That is why we often see them setting up shop around our military bases. If a servicemember is targeted and sold a bad mortgage, why don't the authors of this bill want to allow them some recourse to make things right? As a combat veteran, I understand the pressures placed on our military. Our men and women in uniform often don't have the time to investigate mortgages in detail. They have to trust that no one is taking advantage of them. The problem is people often do take advantage of them. It is a despicable practice that is matched only by the majority's bill, which denies them the opportunity to sue the predatory lender to make things right. My amendment would change this. It would allow any servicemember or veteran to sue a predatory lender regardless of who holds the loan. The mere fact that a predatory lender holds a bad mortgage shouldn't prevent servicemembers from being able to take action to make things right.…”