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Predatory Lending Practices among Latinos to be Addressed before Congress

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RISMEDIA, March 12, 2009-The National Council of La Raza (NCLR), the largest civil rights and advocacy organization in the United States, will testify before the U.S. House Committee on Financial Services today on Latino wealth-building priorities and reforming the nation’s broken mortgage system. Since the hearing will look at consumer protection in the financial services sector as it relates to predatory lending, NCLR’s testimony will also include recommendations for strengthening President Obama’s “Make Home Affordable” plan, addressing predatory lending and promoting the role of community-based nonprofits in helping to restore financial security in the Latino community. The hearing will be presided over by Committee Chair Luis Gutierrez (D-IL).

NCLR will speak to the predatory tactics targeting Latino mortgage borrowers. NCLR has long warned that flaws in the mortgage system open the door to unethical lending practices, leaving Latino borrowers vulnerable. They are twice as likely as White families to end up with a subprime loan, which results in higher fees and greater susceptibility to foreclosure, threatening the significant gains in homeownership that the Latino community has made over the last decade.

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