Meadows harps about serving constituents, while helping predatory mortgage lenders

To seem and not to be:

"When you come up to Washington, D.C., they want you to be on the team up here and what most Americans want is someone who comes up here and doesn't forget the people who send them here," Meadows told Greta Van Susteren on Fox News Wednesday night.

He said on Fox that Cruz's approach is, "Let's make sure what we do is really what's right for America, not for him or the lobbyists here or the Washington cartel."

Makes a good sound bite, but what Tea Party Mark doesn't brag about is doing the dirty work for banksters and other well-dressed loan sharks:

Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

"Safe harbor" from being punished for breaking the law, and for breaking families who (in good faith) entered into loans of a dubious nature. Gee thanks for all that protection, Mark. Here's more from a whole slew of organizations, including the Center for Responsible Lending:

Don’t reopen the door to steering by loan originators.

H.R. 1210 partially repeals the ban on loan steering. Steering is when a mortgage broker or other loan originator leads a borrower to a particular lender or loan product even though doing so hurts the consumer. Loan originators steer consumers into bad loans because they are paid or pressured to do so by the lender or their employer. Although many borrowers were subject to steering regardless of race, African-Americans and other borrowers of color were subjected to it at higher rates—even those with good credit.4

Steering hurts not just the borrower but can hurt everyone when the borrower is saddled with an unaffordable loan and defaults. Steering helped contribute to the Great Recession and, for that reason, was largely banned by the Dodd-Frank Act.

H.R. 1210 would allow steering for loans held by depository lenders, regardless of how bad the loan was. The proposed safeguards are worthless. H.R. 1210 would let the nations biggest depository lenders bring back some of the worst practices of pre-crisis mortgage lending. For that reason, we urge you to oppose H.R. 1210.

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