Calhoun Statement: Response to Subprime Lender Proposed Principles
We're glad subprime lenders have recognized that their industry needs to be cleaned up with responsible lending practices. Their statement comes in the wake of a reckless lending spree that, for the most part, was entirely legal under current law. The consequence has been a massive loss in homeownership that is setting millions of hard-working families back, and causing economic hardship in hundreds of communities across the country. The Center for Responsible Lending estimates that over 2.2 million families have lost or will lose their home in the subprime market. We agree with the lenders