60 Plus Association Supports Responsible Lending Act

Seniors Group Rallies Behind Ney (R-OH) Legislation

Washington, DC – The 60 Plus Association, a national, non-partisan senior citizens organization with a free-market, lower-taxes approach to government and with over a half million members nationwide, today announced its support for The Responsible Lending Act, authored by Rep. Bob Ney, (R-OH).

The legislation will offer senior citizens access to affordable credit by putting into place a national, uniform standard for mortgage lending.

“Seniors, like other consumers, benefit from competition in the marketplace. The freedom to choose from a variety of lending options that best meet seniors’ financial needs is protected under the Responsible Lending Act. It ensures access to credit for affordable housing,” said James Martin, President of the 60 Plus Association.

Unlike several local and state initiatives that have dried-up seniors’ access to credit, Martin went on to compliment the efforts of Housing Subcommittee Chairman Ney. “Congressman Ney has always received my organization’s highest honor, the Guardian of Seniors award. He has yet again proven his commitment to seniors in introducing the Responsible Lending Act.”

Ney’s legislation strikes a strong balance between consumer protection and access to affordable credit. It also prevents lender abuses aimed at seniors by expanding consumer protections and increasing funding for and the quality of consumer mortgage education programs.

“Senior citizens want what everyone in America wants: the ability to pursue and enjoy the American dream. Too often, seniors are the unintended victims of misguided local and state laws and regulations. Less competition, less credit, and increased borrowers’ costs have the potential to seriously hurt seniors’ bottom-line. We need a national, uniform lending standard that protects seniors. Ney’s bill gives seniors access to the credit and the protections they need,” said Martin.