Demand Regulation of Subprime Lending

Mission:

A call for legislative action to ensure the protection and security of subprime borrowers!

Founder:

Jessica W. , Boston, MA

Description:

A steady decline in regulation and the federal government's failure to act has led to a subprime catastrophe! We need to raise the pressure on our legislators and demand regulation now!

Impact:

2 Members

$25 Raised

548 Actions

News

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Foreclosure Filings Jump, and Fall Is Forecast as Peak - NYTimes.com

via www.nytimes.com Vline2 posted by Americans for Fairness in Lending Vline2 Jun 16

Foreclosure filings were up nearly 50 percent compared with a year earlier, a foreclosure listing company said Friday.

Take Action: Tell Congress that you're OU... Donate: Americans for Fairness ...

Foreclosures Hit Record High, More Coming

via ap.google.com Vline2 posted by Thomas G. Vline2 Jun 14

The foreclosure hammer is hitting ever harder. People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too - an alarming sign...

Take Action: Tell Congress that you're OUTRAGED by devious an...

Donate: Americans for Fairness in Lending

Actions

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Endorse AFFIL's Six Principles of Fairness in Lending

commitment posted by Americans for Fairness in Lending

Member 19 participants Vline2 See Network Graph

Ask Senator McCain to Endorse the AFFIL Principles

email campaign started by Americans for Fairness in Lending

Member 14 participants Vline2 See Network Graph

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Americans for Fairness in Lending

Boston, MA

1 comment Vline2 $25 Raised

Videos

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Ex-Sub-Prime Borrowers Live In Tent Citi...

Added by Jessica W. Vline2 Mar 21

When is enough enough? What will it take for Congress to stop predatory lenders and regulate sup-prime lending? I...

Connected to: Demand Regulation of Subprime Lending

AFFIL and James Scurlock talk to Wall St...

Sarah B. Added by Americans for Fairness in Lending Vline2 Feb 01

On January 29, AFFIL members and Maxed Out director James Scurlock hit Wall Street to talk to bankers about Maxed Out, the subp...

Connected to: Americans for Fairness in Lending

Photos

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from Jessica W.

Why Do You Support this Change?

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Save the American Dream - Regulate Wall Street!

from Jessica W. Vline2 Feb 01

Over two million families who received subprime mortgages between 1998 and 2006 will end up losing their homes to foreclosure. Many already have. This will cost Americans as much as $164 billion.

Current federal law does not prohibit many widespread abuses in the subprime market. Fee-packed refinances, exorbitant prepayment penalties, and pricing practices that can lead to unfair discrimination are all legal by federal law. At the state level, thirty-one states have taken specific actions to prevent predatory lending in the subprime mortgage market. Research shows that the stronger state laws have been highly successful for consumers, providing better quality loans. Positive effects include:

     *A significant drop in abusive loans, with growing access to responsible subprime mortgages
    *Comparable or even lower interest rates
    *The spread of better lending practices nationwide

We must demand regulation and protection from predatory subprime lenders! Congress will not act on it's own - it is time to raise our voices and demand regulation!

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