On the recordMay 26, 2010
That is one of the very important things it will do. It will take a look at all of the confusing documents. One of the charges that was made against one of the financial institutions in this country was that they were pushing some of their predatory lending products by having closing documents that were about as thick as a telephone book. Then they were pushing people, stating they didn't have time during the closings to actually read them: No. You've got to keep moving. You've got to keep moving. People were not really understanding what they were signing in these lengthy documents and in the fine print. This is an important financial transaction. For many people, buying a home is the biggest financial transaction they're going to make. It has to be a clear and fair document so that it's good for both parties in the transaction, so that it's a good deal for the mortgager, and so that it's a good deal for the person who is taking out that mortgage. That can only happen if it is a contract that is fair and reasonable in its terms so that people can understand what it is they're signing. It is very important for our seniors. Again, citing AARP and consumer law organizations, we know that seniors are most often the targets of that kind of predatory behavior, and that's what we have to be very careful of. Stand up with our senior bill of rights for financial security for older Americans. I yield back.
