Foreclosure and Predatory Lending Reform

Payday Lending Abuses Reined In, As Colorado Joins Other States in Reform

The payday lending trap has been shorting working families to the tune of nearly $5 billion per year ever since the industry exploded onto the scene in the 1990’s.  The number of payday lending institutions has jumped exponentially from 500 in 1990 to about 22,000 today (compared with 14,000 McDonald's), mainly targeting low-income African American and Latino communities. 

Financial Reform: Keep State AGs and State Law on the Beat Against Predatory Lending Practices

As Congress debates federal financial reform legislation, a key priority for financial industry lobbyists remains gutting provisions that would strengthen enforcement by state attorneys general and stopping the partial restoration of state powers to regulate national bank abuses against consumers.  As we detailed three years ago, much of the damage to communities from subprime lending might have been avoided if the Bush Administration had not been able to shut down most state anti-predatory lending laws early in the decade.

Foreclosure & Predatory Lending Reform: Multi-State Agenda Campaign Update

Given the enormous foreclosure crisis across the nation, there has been a wide range of foreclosure reforms proposed across the country (see NCSL's partial list here). PSN has identified four key reforms for 2010, including promoting mediation before foreclosure, protecting tenants in the foreclosure process, holding buyers of foreclosed buildings accountable for maintaining them to prevent blight and potentially discourage additional foreclosures, and offering those who have been foreclosed on a chance to rent their old homes to stabilize communities.

Conference Call: Foreclosure and Anti-Predatory Lending Reforms

12/15/2009 - 3:00pm

Progressive States Network hosted a national conference call with experts and legislative leaders on Tuesday December 15th at 3pm EST to discuss Foreclosure and Predatory Lending Reform, one of the policies included in PSN's 2010 Shared Multi-State Agenda.

Foreclosure and Anti-Predatory Lending Reforms

There will be 2.4 million foreclosures in 2009 along with 9 million foreclosures between 2009-2012, according to the Center for Responsible Lending (CRL).  CRL also estimates that 69 million homes will lose property value because of nearby foreclosures for a total property value loss of $502 billion.  As part of our Multi-State Shared Agenda, the Progressive States Network is working with its partners and leading experts to promote reforms to stem the foreclosure crisis and put in place reforms to discourage predatory lending practices in the future.