Groups Unite to Fight Predatory Lending(December 27, 2005) --
The Coalition for Responsible Lending estimates that abusive financing tactics cost Americans some $9 billion a year in unnecessary fees and interest, often leading to default and foreclosure.
In the state of Indiana--which the Mortgage Bankers Association cites as the No. 2 market nationwide for foreclosure activity during the second quarter--predatory terms cost consumers more than $148 million just in 2000.
In response to the trend, a number of groups in Indianapolis' Center Township are working together to wage a war on predatory lending. Under the Saving Homes in Center Township Legal Project, "victim rescue" specialists will check loan terms for signs of fraud. Cases where fraud is suspected will be flagged for review by the state attorney general's office or other agencies; or, in some instances, experts will seek to renegotiate fairer terms with the lender.
Participating in the effort with Indiana Legal Services are local organizations as well as the community development corporations serving the Southeast, Northwest, and Martindale-Brightwood areas.
Source: Indianapolis Star (12/27/05); Walton, Richard D.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment