The Leadership Conference is working diligently to see that Tom Perez is confirmed as U.S. Secretary of Labor. Perez is an eminently qualified public servant and consensus builder who has dedicated his career to ensuring that all individuals are treated fairly and have the opportunity to succeed. He has served with integrity and distinction at the local, state and national level, compiling an outstanding record of achievement. Predatory/Subprime Lending
Predatory lending occurs when a lender uses unfair, deceptive, or fraudulent practices when selling a loan to a consumer. Borrowers are steered toward unaffordable loans, or charged higher fees or interest rates than those they qualify for. Subprime mortgages are generally defined as higher-cost home loans made to borrowers with less-than-ideal credit.
The civil and human rights communities had long expressed concern about predatory lending because these practices disproportionately targeted racial and ethnic minority borrowers, robbing them of their homes and their chief wealth-building asset. Today, predatory lending is one of the greatest threats to families working to achieve financial security.
Consumer Resources
- 8 Signs of Predatory Lending - Center for Responsible Lending
- Tips for Avoiding Mortgage Modification Scams and Foreclosure Rescue Scams - Treasury Department
- Don't Be A Victim Of Loan Fraud: Protect Yourself from Predatory Lenders - Dept. of Housing & Urban Development
- Recommendations for Consumers - ACORN
Fact Sheets
- Subprime Mortgage Fact Sheet - Center for Responsible Lending
- Predatory Lending Practices - ACORN
- Continued Decay and Shaky Repairs: The State of Subprime Loans Today - Center for Responsible Lending - January 2009
- State-by-State Information on Predatory Lending - Dept. of Housing & Urban Development
Leadership Conference Testimony
- Ending Mortgage Abuse: Safeguarding Homebuyers - Wade Henderson before the Senate Subcommittee on Housing, Transportation, and Community Development - 6/26/07
- Predatory Lending and Abusive Mortgage Lending Practices - Wade Henderson before the Senate Committee on Banking, Housing, and Urban Affairs - 7/27/01
Reports
- Unequal Opportunity Lenders? Analyzing Racial Disparities in Big Banks’ Higher-Priced Lending - Center for American Progress - September 2009
- Assessing the Double Burden: Examining Racial and Gender Disparities in Mortgage Lending (pdf) - National Council of Negro Women & National Community Reinvestment Coalition - June 2009
- Through Boom and Bust: Minorities, Immigrants and Homeownership - report - Pew Hispanic Center - May 2009
More Information from The Leadership Conference
- Supreme Court Hears Arguments in Case about States' Right to Enforce Fair Lending Laws Against National Banks - 4/28/09
- New Public Service Announcements Aimed at Protecting Consumers from Predatory Lending - 09/30/08
- Minorities Often Pay More for Mortgages, Study Says - 8/14/08
- New Lending Rules Represent Small Step Forward, But Giant Leaps Still Needed - 7/21/08
- Federal Action on Subprime Mortgage Crisis - 12/18/07
- Congress Begins Addressing Subprime Mortgage Fallout - Civil Rights Monitor - Winter 2007
- Minorities Discriminated against in Credit Markets, Study Finds - 08/29/07
- LCCR Urges Close Scrutiny of Federal Reserve Nominees, in Light of Subprime Mortgage Crisis - 07/30/07
- Senate Subcommittee Eyes Reform of Subprime Home Lending Industry - 07/15/07
- Foreclosure Moratorium Needed Now, Say Civil Rights Groups - 4/11/07
- National Civil Rights Groups Call for Immediate Moratorium on Foreclosure Resulting from Risky Subprime Loans - 04/04/07
- Civil Rights Groups Laud New Mortgage Lending Standards - 2/28/07
- Civil Rights Coalition Applauds Freddie Mac's Decision to Stop Underwriting Risky Subprime Loans - 02/27/07
- Civil Rights Organizations Call for Anti-Predatory Lending Legislation - Civil Rights Monitor - Fall 2006
- New Report Finds that Minorities Are Targeted for Higher-Rate Mortgage Loans - 6/12/06
- Coalition Calls for Predatory Lending Legislation to Protect Minority Homebuyers - 04/25/06
- Letter to Congress on Predatory Mortgage Lending - 04/24/06
- Freddie Mac Makes Move to Reduce Predatory Lending - 12/09/03
- National Fair Housing Alliance and Ad Council Team Up to Fight Predatory Lending - 04/29/03
- Predatory Lenders Target Minorities, Regardless of Income - 05/10/02
- Housing Discrimination, Predatory Lending Complaints Rose in 2001 - 4/10/02
