April 21, 2003 Los Angeles, CA
The African American and Hispanic communities are subjected to accepting victims of Predatory Lending 4 times added generally than the boilerplate white consumer. Surprisingly enough, flush African Americans with โAโ acclaim accept alert the adventitious of accepting victimized than low-income white families.
Over 75% of white Americans own their own homes as against to 60% of minorities who are still non-homeowners due to assorted homeownership barriers as appear by HUD, The US Department of Housing and Urban Development (barriers for which FCLS has begin absolute resolutions).
Of the 40% of minorities who own their homes, about 63% are in academy absorption amount loans than necessary, accident over 9 billion dollars of disinterestedness every year as a aftereffect of aggressive Predatory Lending practices.
Homeownership is the cornerstone of America’s advantageous and active families, and the absolute acreage industry is a actual basic allotment of the abridgement aural the United States accidental able-bodied over 2 abundance dollars in 2002. .
Yet, as basic as the industry has been for many, it has taken aliment off the tables of harder alive Americans, and has beggared their accouchement of a adventitious at a academy education.
Every year arrant brokers and lenders bamboozle harder alive Americans of over 9 billion dollars in harder becoming equity. Unfortunately the aperture to homeownership is not accessible to all Americans.
The statistics accept alleged on the admiral to claiming the Absolute Acreage Industry, accounts mortgage industry, the clandestine sector, nonprofits and business companies to abetment him in accepting 5.5 actor added minorities into home by 2010.
Fair Association Lending Service Inc.
, has taken America’s Homeownership claiming by aperture just one aperture to homeownership โ” a aperture area anybody is advised with abode and respect, behindhand of chase or age.
We are committed to BREAKING BARRIERS in homeownership and eliminating PREDATORY LENDING practices by aperture the aperture to all Americans through EDUCATION, ACCESSIBILITY AND ACCOUNTABILITY.
When a customer embarks on the homeownership action it is not an simple one.
To auspiciously buy a home or refinance a loan, it is important to accept credit, the homeownership process, adjustable and anchored mortgages, what disclosures are due to the consumer, accommodation penalties, fees associated with the accommodation and whether they are accepting the best amount and affairs for your credit.
Once a applicant applies for a home accommodation with FCLS, the home affairs action becomes as simple as 1 2 3. We are a abounding ability centermost that works to brainwash the customer about the home affairs action and Predatory Lending, accommodate accessibility to hundreds of fair lenders with bags of accommodation programs accretion billions of dollars in accessible costs through our arrangement of over 400 lenders, and we accomplish abiding that a โsafeguardโ is put into abode to assure the customer from Predatory Lending.
We do this by authoritative abiding our brokers and lenders are answerable for anniversary transaction by auditing all bankrupt loans to ensure austere superior control.
WE DO THIS ALL AT NO COST TO THE CONSUMER!
Customers can admission our services, at no amount to them, assessment chargeless 24 hours a day seven canicule a anniversary or log assimilate www.faircommunitylending.com for apprenticeship and accessibility, both in English and Spanish. We are alive on extensive a added adapted America, by ablution our casework in 4 altered languages, to abode cultural and accent barriers that abide in homeownership, as appear by HUD.
All of our lenders and brokers accept to be licensed, accept a apple-pie almanac with their State administering body, such as the California Absolute Acreage Board, acknowledge all appropriate fees associated with a accommodation with a acceptable acceptance appraisal (3 canicule from the antecedent time of application), accommodate consumers with all all-important disclosures, cap costs fees to 3.5% (current California Law allows 6%), annihilate boundless clutter fees, absolute accommodation penalties to 2 years (must be appear and explained to the consumer), abstain costs acclaim allowance into the loan, absolutely acknowledge the agreement of adjustable amount mortgage (mortgages area the amount changes on a annual basis), abstain abnormally amortized loans unless the customer understands the guidelines of such a accommodation and the aftereffect it will accept on their disinterestedness and ensure the customer is placed in the best affairs for their acclaim rating.
We will added assert our charge by re-investing aback into the association by way of Down Transaction abetment programs, Entrepreneurial Head Start programs, Books and Computers for schools and Scholarships to access the amount of boyhood absolute acreage professionals through our association reinvestment initiative. To advice us with our action we accept partnered up with World Unity to advance ancestral altruism in these active times, by affairs the UNITY RIBBON. Our achievement is to advance the chat of Unity through accord and advice put 100 families into homes every year by affairs 1,000,000 ribbons a year to accession money for down transaction and closing amount assistance.
June of 2004, will mark The First Annual Homeownership Fair in Los Angeles and will accompany hundreds of lenders, brokers, Absolute Acreage companies, Government Agencies, Nonprofits to brainwash and accommodate accessibility to bags of humans all beneath one roof. We are searching for media sponsors amuse acquaintance Lynn@faircommunitylending.com for added advice on the Fair and added cantankerous business opportunities.
PREDATORY LENDING OVERVIEW
Predatory Lending practices can ambit from disinterestedness stripping due to boundless fees, accidental and generally bearding accommodation penalties, financed acclaim insurance, amount disparities (charging a customer a academy absorption amount than they authorize for), adjustable mortgage programs (programs area the absorption amount is not anchored for a continued aeon of time causing the accommodation to become unaffordable to the boilerplate consumer), as able-bodied as the actionable act of churning, (refinancing a accommodation several times aural a abbreviate aeon of time by acceptable a borrower it allowances them while it eats at their disinterestedness over and over).
This is an act that generally takes abode with associates of the chief community.
Subprime loans, (loans offered to at accident consumers); accept developed 1,000% in the accomplished 5 years. Although Sub prime lending has helped abounding Americans, it has aswell fueled and continues to ammunition Predatory Lending practices due to the abridgement of regulations that abide in the subprime market. Predatory Lending aswell affects minorities and the chief association with โAโ cardboard or accomplished credit.
For In Depth Advice On Predatory Lending or Enclosed Information
CONTACT
Lynn Davis, Vice Admiral โ” 310-258-9818
Or Lynn@FairCommunityLending.com
www.faircommunitylending.com
HELP US HELP MORE AMERICANS ATTAIN THE AMERICAN DREAM!
July 30th, 2010
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