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Durbin Wants Consumer Protection Agency Formed
Illinois' senior senator wants a consumer financial protection agency in place as soon as possible.

U.S. Sen. Dick Durbin (D-Ill.) says the agency would be a help to those stuck in mortgages with undesirable terms and would also safeguard future home purchases by ensuring that consumers know what they are agreeing to before signing mortgage documents.

Durbin says that predatory lending is no longer the main problem facing struggling homeowners. He says many homes have lost significant value leaving homeowners "under water."

"Even if they want to move, these families are stuck, because they often can't pay off the mortgage even by selling the house," Durbin said. "Far too often foreclosure is the only option left."

Durbin also says the Obama Administration will continue to put pressure on banks to start lending again and modify home loans for those in variable-rate mortgages and those who face foreclosure.

(Illinois Radio Network)
04 05 10 by Newsroom
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