As Floridians, we still feel the effects of the 2008 great recession, a financial crisis that hit our state hard. Foreclosures skyrocketed, families lost their homes, and our economy suffered. It was a tough time for many, and it left deep scars that still haven’t healed.
However, in the aftermath of the 2008 financial crisis, our state legislature took action and passed several pieces of legislation aimed at protecting our citizens from financial hardship in the future. Fast forward to today, and we’re once again facing an economic downturn, this time caused by the ongoing pandemic. The situation serves as a harsh reminder of how vulnerable we all are to large-scale economic downturns beyond our control.
It’s time for us to step up and take the lead in advocating for strong consumer protections. One way we can do this is by duplicating some federal statutes into state statutes that regulate mortgage lenders and servicers into state statutes. This will give borrowers the necessary tools to defend themselves in county court when necessary. The recent $3.7 billion dollar Wells Fargo settlement reached by the Consumer Financial Protection Bureau (CFPB) serves as a reminder that banks and financial institutions are not always acting in good faith and the need for strong consumer protections in place.
Florida is the state with the highest number of reverse mortgage borrowers, VA borrowers, and foreign-born borrowers, which makes it all the more important that we ensure these vulnerable populations are not taken advantage of by predatory lenders and financial institutions. By fighting for economic freedoms and liberty and making Florida a leader in consumer protection, we can not only safeguard our citizens but also attract new residents who are looking for a state where they know they will be protected.
Unfortunately, the Consumer Financial Protection Bureau (CFPB) has been under constant attack from a few bad actors since its inception, and its recent funding mechanism has been declared unconstitutional by the 5th District Court of Appeals, potentially jeopardizing its ability to protect consumers. It’s now more crucial than ever that we take steps to shore up our own statutes and regulations and make Florida a beacon of hope and a leader in consumer protection.
Join us in supporting Florida’s future as a place of economic freedom and liberty, where consumer protections are strong and citizens are protected from financial hardship. By advocating for strong consumer protections, we can build a brighter future for all Floridians. Let’s work together to make this happen.
Add Your Name: We Need a Homeowner Bill of Rights
Just as we expect the food and drug industry to sell safe, clean, and healthy products in the marketplace, we also need the mortgage and banking industry to abide by common-sense rules to safeguard our homes from fraud, theft, and wrongful foreclosures. These are more than our houses — these are our dreams.