Soon after Michael Bloomberg took office in 2002, 40 of the 51 members of the New York City Council sponsored legislation aimed at curbing the growth of predatory lending practices by banks. According to the Daily News, “thousands of homeowners” had been taking on “subprime mortgages that have hidden charges, fees and conditions that are essentially designed to force homeowners into foreclosure.”
In May 2002, New York’s two most prominent black elected officials, State Comptroller Carl McCall and City Comptroller Bill Thompson, announced their support for the bill. In late September, the New York Times editorial board endorsed the measure.