Anti-predatory lending congressman leaves to fight MBS dealers

by Diana Aqra28 Jun 2013
A United States congressman who has led predatory mortgage lending reform following the financial crisis is now going to a financial services law firm to fight issuers of mortgage-backed securities. 
Bradley Miller left Congress in January after serving a decade in the U.S. House of Representatives in North Carolina. He was one of the leading advocates for financial reform in 2008, particularly predatory lending practices and the creation of the Consumer Financial Protection Bureau. 
Miller will now be joining Grais & Ellsworth, a litigation firm formed in 2007 that focuses on structured finance litigation, on behalf of original buyers of mortgage-backed securities, the Federal Home Loan Banks of Seattle and San Francisco, the Charles Schwab Corporation, the FDIC (as receiver of failed banks), and it is working on actions against 19 securities dealers to rescind the sale and purchase of nearly US $30bn in certificates backed by Alt-A and prime mortgage loans. 
Miller said in a statement:
“Grais & Ellsworth gives me the chance to stay on the side with which my sympathies lie…Middle-class families got hurt coming and going in subprime lending. They refinanced their houses with dishonest, predatory mortgages, and then their pension funds bought dishonest bonds backed by those dishonest, predatory mortgages. Representing mortgage investors now is really an extension of my fights in Congress."


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