Political Quotes

“Madam President, I am pleased to introduce the homebuyers Privacy Protection Act with the Senator from Tennessee, Mr. Hagerty. This bipartisan legislation restricts the use of so-called mortgage ``trigger leads'' and gives prospective home buyers control over their personal credit information. Trigger leads are essentially tips based on information the major credit reporting bureaus sell to mortgage brokers and lenders when the bureaus learn that a consumer has applied for a mortgage with another lender. Each trigger lead they sell can generate dozens of calls and solicitations to the consumer from lenders, ostensibly to provide the consumer with better offers. In fact, one home buyer reported to the Consumer Financial Protection Bureau that they received over 100 calls from other lenders within 2 days of applying for a mortgage. Prospective home buyers who are bombarded by these kind of solicitations typically have no idea their information was sold without their affirmative consent. Buying a home is often the most consequential financial decision a family will make. Getting ``spammed'' with additional offers, after a family has already shopped for a mortgage and chosen a lender, makes this already stressful process even more stressful. It can be very difficult, if not impossible, for a family to sift through dozens of offers over a few days and actually receive better credit.…”