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FEB 13, 2003 2:00am ET

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Federal Anti-Predator Bill Ready for Introduction

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WASHINGTON - Rep. Bob Ney plans today to introduce a bill that would set national standards for subprime lending and would preempt the city and state laws that lenders oppose.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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