 |
City of Seattle
Gregory J. Nickels, Mayor
|
NEWS ADVISORY
|
| SUBJECT: SOCR’s new predatory lending packet helps consumers understand home loans
|
FOR IMMEDIATE RELEASE:
2/28/2003 3:20:00 PM |
FOR MORE INFORMATION CONTACT:
Elliott Bronstein (206) 684-4507
|
SOCR’s new predatory lending packet
helps
consumers understand home loans
Now available: Fair Loans, Fair Housing – Your
Guide to Avoiding Predatory Loans from the Seattle Office for Civil Rights (SOCR).
This new information packet uses simple language to discuss a complicated
problem: unfair loans that target people of color, seniors, people with
disabilities or anyone whose credit makes it hard to get a regular bank
mortgage.
"Whether you’re buying your first home or refinancing,
this packet can help you receive fair, unbiased treatment," write Seattle
Mayor Greg Nickels and SOCR Director Germaine Covington in the packet’s
introduction. "Victims of predatory lending are usually low to middle
income families who face the loss of their home through foreclosure."
SOCR’s predatory lending information packet contains a
booklet, a stand-alone brochure, and several pullout sheets. Booklet sections
include:
- What is a predatory loan?
- Danger signs of a predatory loan
- How to avoid a predatory loan
- Questions to ask your lender
The booklet includes advice about shopping for
a loan, as well as what to watch for when you apply. A "Loan Closing
Checklist" offers questions and instructions to help guide home mortgage
customers through the loan signing process.
A pull-out list of non-profit organizations helps consumers
find free, independent advice on mortgage loans. There’s also a "Fee and
Point Calculation" chart, as well as a glossary of the most common home
loan terms.
Predatory lending has emerged as a significant fair housing
problem both locally and on the national scene. Since last year the City of
Seattle has been working with the Seattle/King County Coalition for Responsible
Lending, a group of local nonprofits, mortgage lenders, and other government
agencies to challenge the increasing number of predatory lending cases in the
Seattle area. On April 17 the Coalition will announce the start of a public
education campaign focusing on predatory lending.
To receive a copy of Fair Loans Fair Housing, or for
more information about SOCR’s predatory lending initiatives, contact Angela
Ceaser at (206) 684-0300. The Seattle Office for Civil Rights investigates
charges of discrimination in housing, employment, public accommodations and
contracts. To find out more call (206) 684-4500, or find SOCR on the Web at www.seattle.gov/civilrights.
- 30 -
Office
for Civil Rights
| 
