Protesters marched from Freedom Plaza to the Justice Department in the country’s capital on May 20. They were protesting against predatory lending practices and the ways bankers misuse home equity and pension funds. They want bankers’ actions to be accounted for and for them to actually have to face punishment.
Foreclosure has hit working families the hardest in New York State. The Attorney General has great sympathy for these marginalized homeowners and proposed a new bill aimed towards preventing and helping struggling homeowners. It was passed by the New York State Legislature. The Attorney General’s HOPP program allocates funds for free legal services, counseling sessions and other kinds of support for struggling homeowners.
Minority homeowners are treated worse than white homeowners. They are more likely to be offered bad mortgages with high interest rates and bad quality collateral by their mortgage lenders. DARE or the Direct Action for Rights and Equality is trying to change this by helping to make the pubic more aware of these homeowners’ situations and pushing for better legislation.
The state of Michigan recently received billions of dollars in relief for abused homeowners from five major mortgage services. They were accused of being involved in foreclosure abuses, which they were found guilty of.
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