Help your neighbors fight unscrupulous mortgage brokers
| By Alan Franklin - Jun 12th, 2007 at 2:42 pm EDT |
Melvin and Kate Scott and their 12-year-old son, Alexander, spent last Wednesday in front of the Denver Federal Reserve Branch to demand that the Federal Reserve do something about predatory lending mortgage companies. If the Scott family cannot raise nearly $6,000 by June 19th, their Green Valley Ranch home will be put on the market. (Rocky Mountain News, 6/7/2007) And they are not alone.
Colorado is #2 in the entire country for the number of home foreclosure filings per household of any state. (Denver Post, 6/1/2007) Thousands of Colorado families like the Scotts have been preyed upon by unscrupulous mortgage brokers who make predatory loans sound like salvation. Instead, predatory loans strip families of their equity, and in many cases even their homes.
The Scott family and other demonstrators rallied outside the Federal Reserve Building in Denver with the Association of Community Organizations for Reform (ACORN) to demanded that the Federal Reserve crack down on high-rate mortgages during their upcoming public hearing on Thursday, June 14, 2007.
This predatory lending must stop. Call on the Chairman of the Federal Reserve to crack down on unscrupulous mortgage brokers, and provide consumers with simple protections like prohibiting lenders from making loans that become unaffordable after the interest rate increases and holding lenders responsible for the actions of brokers. Help make sure that the Scott family and thousands like them keep their homes and sign the petition below.
Link
Statewide, Colorado was hit by 9,254 foreclosure filings in the first quarter of 2007, putting the state on track to top last year's record foreclosures by about 25 percent. Last year, 28,453 foreclosures were filed statewide. This year, that number could rise to more than 36,000. (RMN, May 23, 2007)
Each foreclosure costs $30,000 to $50,000 in law enforcement services and lost economic development according to a recent study. (Fort Collins Coloradan, 5/31/2007)
Hard-working families are being put into loans that they can't pay back or sold into mortgages that have hidden adjustable rates making their payments go up. Prepayment penalties keep these homeowners trapped in their loans or strip their equity in order to let them out.
The Home Ownership and Equity Protection Act (HOEPA) instructs the Federal Reserve Board to protect consumers from predatory lending. (15 U.S.C. Sec. 1639(L)(2))
Call on the Federal Reserve Chair Bernanke to crack down on abusive home lending practices:
Link
We will work ACORN to ensure your comments are personally delivered to Bernanke when they meet with him next week.
Colorado is #2 in the entire country for the number of home foreclosure filings per household of any state. (Denver Post, 6/1/2007) Thousands of Colorado families like the Scotts have been preyed upon by unscrupulous mortgage brokers who make predatory loans sound like salvation. Instead, predatory loans strip families of their equity, and in many cases even their homes.
The Scott family and other demonstrators rallied outside the Federal Reserve Building in Denver with the Association of Community Organizations for Reform (ACORN) to demanded that the Federal Reserve crack down on high-rate mortgages during their upcoming public hearing on Thursday, June 14, 2007.
This predatory lending must stop. Call on the Chairman of the Federal Reserve to crack down on unscrupulous mortgage brokers, and provide consumers with simple protections like prohibiting lenders from making loans that become unaffordable after the interest rate increases and holding lenders responsible for the actions of brokers. Help make sure that the Scott family and thousands like them keep their homes and sign the petition below.
Link
Statewide, Colorado was hit by 9,254 foreclosure filings in the first quarter of 2007, putting the state on track to top last year's record foreclosures by about 25 percent. Last year, 28,453 foreclosures were filed statewide. This year, that number could rise to more than 36,000. (RMN, May 23, 2007)
Each foreclosure costs $30,000 to $50,000 in law enforcement services and lost economic development according to a recent study. (Fort Collins Coloradan, 5/31/2007)
Hard-working families are being put into loans that they can't pay back or sold into mortgages that have hidden adjustable rates making their payments go up. Prepayment penalties keep these homeowners trapped in their loans or strip their equity in order to let them out.
The Home Ownership and Equity Protection Act (HOEPA) instructs the Federal Reserve Board to protect consumers from predatory lending. (15 U.S.C. Sec. 1639(L)(2))
Call on the Federal Reserve Chair Bernanke to crack down on abusive home lending practices:
Link
We will work ACORN to ensure your comments are personally delivered to Bernanke when they meet with him next week.
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