Applaud the States Fighting to Protect Homeowners’ Money

Oregon Attorney General Dan Rayfield and New York Attorney General Letitia James are leading a coalition of 10 states suing over new federal rules that would override longstanding state laws requiring certain mortgage lenders to pay homeowners interest on money held in escrow accounts for property taxes and insurance.

For decades, these consumer protection laws have recognized a simple principle: When banks hold homeowners’ money for months at a time, families should benefit from the interest that money earns. In Oregon alone, officials estimate homeowners receive an average of $200 to $300 each year through these protections.

At a time when housing, insurance, taxes, and other necessities are already stretching family budgets, homeowners shouldn’t lose money they are entitled to under state law simply to benefit large financial institutions.

The states argue that the administration exceeded its legal authority by attempting to override their consumer protections and are asking a federal court to stop the new rules from taking effect.

By taking the Trump administration to court, these attorneys general are defending consumers, protecting states’ ability to stand up to predatory financial practices, and fighting to keep more money in homeowners’ pockets.

Add your name to applaud Oregon, New York, and the other states fighting to protect homeowners’ money, defend consumer protections, and stand up to the Trump administration’s costly new rules.