Protesters Demand Federal Mortgage Aid

The group is asking the Reserve to pass The Home Ownership and Equity Protection Act (HOEPA) at a hearing on June 14 in Washington D.C. ACORN is also demanding that the Federal Reserve Board of Governors and Chairman Ben Bernanke issue regulations to protect hard-working families from predatory lending practices.

In over 25 actions across the country where there Federal Reserve offices, ACORN is calling on the Federal Reserve to:

(1) Prohibit lenders from making loans that become unaffordable after the interest rate increases

(2) Stop the misuse and abuse of stated income loans

(3) Reduce or eliminate prepayment penalties on sub-prime loans

(4) Hold lenders responsible for the actions of brokers

(5) Require sub-prime lenders to escrow for taxes and insurance

2007 is poised to be a record year for the impacts of predatory lending on homeowners: 1.5 million will lose their homes to foreclosure as a result of predatory lending. In California in 2006, there were 142,429 foreclosure filings. This was a 131% increase from 2005 and was the third largest percentage increase in the country.

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