SENATE CONCURRENT RESOLUTION NO. 8
(By Senators Deem, Hunter, Kessler and Barnes)
Requesting the Joint Committee on Government and Finance study
predatory mortgage lending practices.
Whereas, Certain financial institutions are aggressively
recruiting customers for high-cost mortgage loans, often lending
amounts which the customer can clearly never afford to repay; and
Whereas, This practice is commonly referred to as predatory
lending or predatory mortgage lending; and
Whereas, Many of these institutions appear to be intent upon
making those mortgage loans for the purpose of foreclosure in order
to acquire the customers' homes. Many of these mortgage loans
contain onerous terms that make them virtually impossible for some
customers to repay; and
Whereas, Approximately one half of states regulate predatory
mortgage lending; and
Whereas, The citizens of West Virginia would benefit from a
study to determine to what extent and in what manner the State of
West Virginia should regulate predatory mortgage lending; and
Whereas, To determine the most effective means of regulating
this industry, as well as to determine the impact of such action
upon West Virginia citizens, it is necessary to study the practice
of predatory mortgage lending; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study predatory mortgage lending practices; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2008, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.
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