May 11, 2007 The Maine Credit Union League testified at the public hearing in support of legislation, sponsored by Speaker of the House Glenn Cummings, that would curb predatory mortgage lending practices held before the Insurance & Financial Services Committee on Thursday, May 10. Committee in front of packed room on Thursday, May 10.
Testifying on behalf of Maine's credit unions, Donna Steckino, President/CEO of Community CU, testified in support of L.D. 1869 - An Act to Protect Maine Homeowners from Predatory Lending. In her testimony, Steckino, who noted that her credit union's main office is located in the poorest census tract in Maine, spoke passionately about this issue. She explained, "Today, there are Predatory Mortgage Lenders preying upon consumers and extracting excessive fees and interest terms from unsuspecting consumers
who are looking to borrow money. Unfortunately, there are currently individuals in our state that have been victimized through these deceptive lending practices. The impact of predatory mortgage lending on the lives of individuals is significant, both financially and emotionally. While credit
unions, banks and the vast majority of mortgage brokers in Maine operate in a safe, sound and honest manner, the existence of predatory mortgage lending in Maine remains. This legislation would help protect consumers from these unscrupulous lenders."
This legislation has drawn considerable attention from the media and the public in recent weeks, and has broad support from a number of legislators, as is indicated by the fact that 100 legislators have signed on as sponsors.
John Murphy, President of the Maine Credit Union League, who has worked closely with Speaker Cumming on this legislation, said, "We are optimistic that legislation will be passed to help protect consumers from unscrupulous lenders."
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