Predatory lending is an unethical practice that plagues many low-income people. Sadly, mortgage delinquencies and foreclosures are becoming more commonplace and the working poor are often the ones who are left in the cold.
The Center of Responsible Lending provided a snapshot of the foreclosure situation in Indiana. For example, in the third quarter of 2009 alone, there were 133,924 mortgages past due. And the situation is not getting any better. The Center projects 170,829 foreclosures between 2009 and 2012. And between 2006 and 2009, the foreclosure rate rose by an astronomical amount of 57 percent!
You can do your part to lobby for responsible lending legislation. More regulations on banks and other lenders could mean fewer people falling into the mortgage crisis mess.
We urgently need financial reforms that will make consumer loans safer for American families and the lending markets more fair and efficient for honest businesses. Find out more about the benefits of the proposed Consumer Financial Protection Agency at www.responsiblelending.org/cfpa.
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