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Lobbyist Money Help  

Several Missourians in the hunt to restrict predatory loans

February 21, 2000
By: Francine Krantz
State Capital Bureau

Dozens of people spoke out against predatory loan practices today/Monday at the state capitol. Francine Krantz has the story.

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St. Louis resident Mary Auer says she is strongly in favor of a Senate bill that would prohibit predatory lending practices.

Auer was one of about fifty people to show support for the bill during a Senate hearing. Many audience members wore bright yellow buttons that said "Stop the Sharks."

Although she was not a scheduled witness, Auer says she couldn't stop herself from speaking for the legislation.

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St. Louis Senator Lacy Clay is sponsoring the bill. He says he hopes it will restrict high-cost home loans. From the state capitol, I'm Francine Krantz.


St. Louis Senator Lacy Clay is in the hunt to restrict high-cost home loans. Francine Krantz has the story from Jefferson City.

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Several members of the social action group ACORN say they favor a bill that would limit predatory lending practices.

ACORN member Rose Palmer says many citizens are in danger of losing their homes because of the actions of a few disreputable firms.

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Contents: Palmer says she is convinced that this bill prevents unscrupulous lenders from stripping the wealth of the elderly and other Missourians.

St. Louis Senator Lacy Clay says the bill would curb high costs for lower income families.

But Lobbyists for the mortgage and banking industries say they oppose the bill because they are afraid it will hinder the lending process. From the state capitol, I'm Francine Krantz.