Ms. Floree Lowery of Asheville, NC wanted a home equity loan. She became a victim of predatory lending by United Company Lending. Community reinvestment and fair lending advocates have organized a march and rally in support of the Community Reinvestment Act and to call for an end to predatory lending.
Predatory lending is economic rape.
The Community Reinvestment Act, which requires depository institutions to meet the entire credit needs of their community, is under attack by Senator Phil Gramm, Chair of the Senate Banking Committee. Predatory lending which disproportionately impacts minorities is of particular concern for fair housing activists. Predatory lending treats everyone unfairly. But when protected classes are targeted for these products, then it is a violation of fair housing laws. The march and rally is also a celebration of the passage of an Anti-Predatory Lending Law in North Carolina which is considered a national model.