Wharton Announces Campaign to Educate Memphians About Predatory Lending

Print this

Memphis Commercial Appeal 
August 18, 2010
Maki, Amos

A new program spearheaded by the Lawyers' Committee for Civil Rights Under Law, the U.S. Department of Housing and Urban Development, Neighborworks America, and Fannie Mae will seek to inform Memphis, Tenn., citizens about predatory lending practices that target homeowners requesting loan-modification and foreclosure-prevention services. Mayor AC Wharton announced the initiative on Aug. 18, explaining that the city's high poverty rate and low financial literacy of residents make it a target for foreclosure scammers. The educational campaign dovetails with a Memphis and Shelby County lawsuit against Wells Fargo alleging that the company targeted black residents with high consumer debt to refinance. The city is seeking to recoup damages from Wells Fargo, but education is the best way to protect homeowners, Wharton said.
Web Link - May Require Free Registration

 

Abstract News © Copyright 2008 INFORMATION, INC.
Powered by Information, Inc.