WASHINGTON, March 15 (UPI) -- Concerns about U.S. money lenders who charge close to 30 percent interest rates are prompting Congress to consider legislative remedies.
Several top credit card issuers now slap "penalty rates" just shy of 30 percent on customers, including some who have made a single slip or even pay their bills on time. Mortgage loans, too, sometimes come with similarly high interest rates.
Key members of the House Committee on Financial Services will introduce a mortgage lending bill to deal with so-called predatory lending practices, the Washington Post said Tuesday.
Rep. Robert W. Ney, R-Ohio, and Rep. Paul E. Kanjorski, D-Pa., have been working on the bill since October. Ney chairs the Financial Services Committee's housing subcommittee and Kanjorski is the ranking Democrat on the committee's capital markets subcommittee.
