Young opposed mortgage reforms. In 2008, Young voted against legislation that combined several major pieces of housing-related legislation into one package that was aimed at slowing the pace of foreclosures and stimulating the real estate market. The package provided an overhaul of mortgage finance companies Fannie Mae and Freddie Mac, loan programs aimed at helping borrowers get out from under mortgages they can’t afford. [VOTED NO on HR 3221, Vote #301, 5/08/08] 

Young voted for sweeping changes to the U.S. bankruptcy system including making it significantly more difficult for individuals to get out of debt by declaring bankruptcy. In debate on the bill, John Conyers (D-MI) called S. 256 “the most special interest-vested bill that I have ever dealt with in my career in Congress. It massively tilts the playing field in favor of banks and credit card companies and against working people and their families.” [VOTED YES on S. 256, Vote #108, 4/14/2005]

Young voted for legislation that reduced protections for individuals in debt and favored banks and credit card companies, allowing more assets of bankruptcy filers to be seized by creditors. [HR 975, Vote #74, 3/19/2003]

Young voted to allow credit card companies to raise the interest rates on cardholders who pay their bills on time. This vote allowed credit card companies to increase the interest rates on individuals’ credit cards if: 1) the cardholder makes a late payment on another credit card or a student loan; 2) the cardholder’s credit score is lowered; 3) or the cardholder obtains a new mortgage or loan to pay for a house, car, or medical emergency. Opponents argued that credit activity which is not directly related to an individual’s payments on that credit card should not be used by credit card companies to increase interest rates. [VOTED YES on HR 2622, Vote #667, 11/21/2003]