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Republicans Reject Kildee Amendment Seeking to Protect Homeowners from Fraudulent Foreclosures


Date: May 3, 2017

Congressman Dan Kildee (MI-05) today offered an amendment in the House Financial Services Committee seeking to protect homeowners from unfair, deceptive or abusive foreclosure practices. The Kildee amendment was considered as the committee today is continuing its consideration of the "Wrong Choice Act," which would repeal consumer protections and Wall Street reforms designed to prevent another financial crisis. Unfortunately, on a party-line vote, Congressman Kildee's amendment was rejected by Republicans.

Congressman Kildee, the Vice Ranking Member of the committee, has been leading the opposition to the Republican repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act, saying that the bill is the "wrong choice for hardworking middle class families" because it "puts Wall Street ahead of Main Street."

"This Republican bill puts Wall Street back in charge and takes us back to the days where risky bets by big banks nearly crippled our economy," Congressman Kildee said. "It takes us back to the days where millions of people lost their homes, lost their jobs and saw their retirement savings wiped out. The people that I represent have not forgotten these dark days and Members of Congress shouldn't forget them either. Removing key safeguards while at the same time eliminating the Consumer Bureau designed to protect consumers from deceptive practices by big banks, student loan providers and credit card companies is the wrong choice for the people I represent."

According to the U.S. Census Bureau, the 2008 financial crisis hit Michigan especially hard. Michiganders today have less equity in their homes, own fewer cars, earn less money and work fewer hours than before the financial crisis.