Follow-up to my recent blog posting on Congressman Ed Towns Predatory Lending Town Hall in Brooklyn this past Saturday...
FORECLOSURES FROM PREDATORY LOANS HIT BROOKLYN HARD
On Saturday, Rep. Edolphus “Ed” Towns (NY-10) hosted a town hall meeting in response to the public outcry about the prevalence of predatory lending and its impacts on Brooklyn communities. Adding to the financial crisis, predatory lenders have targeted elderly, minority, and financially inexperienced borrowers, disrupting families and destroying communities all across the country. In Brooklyn, the problem has manifested in many ways, including the high rate of foreclosures and the lack of affordable housing.
At the meeting, residents heard from Rep. Towns, Chairman of the Committee on Oversight and Government Reform, whose committee is charged with oversight of federal agencies and the stimulus package.