New York Council passes predatory lending bill

NEW YORK – With its supporters crowding the Council chambers and after the New York Times editorialized in favor of it, the New York City Council passed an anti-predatory lending measure, setting the stage for a likely mayoral veto. The New York Times editorial in support of the measure read in part “any system that allows the poor and the unsuspecting to be bilked needs fixing. The City Council has offered a creative and laudable solution. The banks, as good corporate citizens, should work with the legislators to make it work.” Citigroup and other lenders who do business in New York’s subprime mortgage market has threatened to leave if the measure becomes law. The legislation passed 44-5. New York Mayor Michael Bloomberg has said he will veto it. “After six months of lobbying, actions and negotiations, we’re thrilled that the City Council has chosen to help borrowers from abusers,” said Gloria Waldron, president of the group. “We’re confident that the Mayor will come around and support this well thought out bill to protect low-income communities from predators,” said, Berth Lewis’ ACORN’s executive director.