| CHICAGO,
IL – U.S. Representative Jan Schakowsky (D-IL) today continued her fight
to protect homeowners from predatory lenders. Schakowsky joined Jack
Markowski, Commissioner of Chicago Department of Housing, Gale Cincotta
of the National Training and Information Center (NTIC), and others at a
news conference in Chicago to applaud a $5 million initiative by Fannie
Mae to help victims of predatory lenders. She also hailed a new project
designed to combat abusive lending practices in ten locations across the
nation.
Schakowsky
is a member of the House Banking Subcommittee on Housing and Community
Opportunity and is the author of the Anti Predatory Lending Act of 2000,
the first bill introduced this Congress to address this issue. She
said, “I commend and join in the efforts taken by private lenders, local
governments, and nonprofit organizations to ensure that homeowners do not
lose their homes.”
Schakowsky
added, “Today’s announcement is an innovative approach to address this
ever growing crisis. However, it is not enough. My goal is to drive
predatory lenders out of business and the best way to do that is to hold
them responsible for their crimes. That is why I will continue to
work in Congress to pass legislation that will give all homeowners the
protection they are entitled and to ensure that predatory lenders receive
the punishment they deserve.”
The
$5 million initiative will allow Chicago area residents to refinance predatory
loans by abusive lenders in order to save their homes from foreclosures.
Those earning at or below 80% of the area median income ($54,320) for single-family
homes and two-flats qualify for this initiative.
The
Predatory Lending Intervention and Prevention Project (PLIPP) is a partnership
between lenders and local housing organizations, including Chicago-based
NTIC. This partnership is designed to assess the impact of predatory
lending on families, explore abuses, and find innovative solutions and
new housing opportunities. Community groups participating in this
effort represent cities in Illinois, Iowa, Ohio, Minnesota, Indiana, New
York and Kansas. |
