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August 13, 2002
Download the full report (PDF) DURHAM, N.C. -- North Carolina's 1999 landmark anti-predatory lending law, the first of its kind in the country, saved consumers at least $100 million in predatory lending costs in its first year without drying up the availability of subprime credit for low-income borrowers in the state, according to a new study released today by the nonprofit Center for Responsible Lending. Based on review of over 28 million home loans in all 50 states between 1998-2000 reported to federal regulators under the Home Mortgage Disclosure Act (HMDA), the study found that...
June 25, 2002
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...
July 25, 2001
WASHINGTON, D.C., July 25 -- The North Carolina-based Coalition for Responsible Lending (CRL) today released a major new report showing that predatory lending practices cost U.S. borrowers an estimated $9.1 billion annually. The U.S. Senate Banking, Housing and Urban Affairs Committee is to hold hearings on July 26-27th on predatory lending abuses and possible reforms. Spokesman Martin Eakes will testify before the committee, urging it to curb mortgage lending practices that were addressed in North Carolina's landmark predatory lending legislation, enacted in 1999. The Coalition was a...