Advocacy Groups, Attorneys General Back Rule Change To Combat Predatory Lending
More than 200 national advocacy groups including the Coalition for Responsible Lending, AARP, Consumers Union, ACORN, NAACP, Consumer Federation of America, National League of Cities and National Council of La Raza joined 44 state Attorneys General in supporting an Office of Thrift Supervision (OTS) proposed rule change that would help prevent a predatory lending practice that costs 500,000 American homeowners $1.3 billion in lost equity every year. The advocacy groups, representing more than 50 million Americans, jointly signed a letter to OTS Director James E. Gilleran supporting a change to