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Home » Store » Taxable » Senate Approves Schumer Anti-Predatory Lending Measure Allowing Consumers to Extend Claim to Loan Purchasers

Senate Approves Schumer Anti-Predatory Lending Measure Allowing Consumers to Extend Claim to Loan Purchasers

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The Senate was on the verge of passing landmark bankruptcy reform legislation as we went to press this week, and Democrats appeared to be gaining ground on consumer protection issues and rhetoric heated up over cramdown provisions. Lawmakers overwhemingly adopted an amendment introduced by Sen. Charles Schumer, D-NY, which would allow victims of predatory loans made by a lender that subsequently files for bankruptcy to pursue their claims against purchasers of the loans.
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