Fed Data Shows Predatory Lending Continues

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WASHINGTON, DC-Predatory and discriminatory mortgage lending is still prevalent, according to the National Community Reinvestment Coalition’s interpretation of data released under the 2006 Home Mortgage Disclosure Act by the Federal Reserve Board. Furthermore, NCRC says that these practices, coupled with the recent rise of exotic lending, have led to even higher increases of mortgage delinquencies.

“Dangerous lending practices are placing minorities, working class and even middle-income borrowers at risk of losing their home,” says NCRC president & CEO John Taylor. “Once again, the HMDA data shows that racial differences in lending are getting worse, and they’re fueling increased delinquencies.”