House Votes to Prolong Economic Problems For American Families, Says the Center for Responsible Lending

WASHINGTON, July 22, 2011 /PRNewswire-USNewswire/ -- The following is being released by the Center for Responsible Lending:

Last night a majority of House members voted against a strong, independent Consumer Financial Protection Bureau, and in favor of the flawed lending and weak oversight that sparked our economic meltdown.  In doing so, they sided with Wall Street lobbyists and big-money financial firms, and against Americans' wallets and our economic recovery.

These lawmakers are clearly out of touch with most Americans, who by a 4 to 1 margin support a single agency to protect consumers from deceptive financial products.

The cost of the national economic crisis is already enormous: trillions of dollars in lost wealth, billions of dollars in taxpayer bailouts, and millions of lost homes.  The House vote yesterday ensures that the price tag will climb even higher.

About the Center for Responsible Lending

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.

SOURCE Center for Responsible Lending