http://www.affil.org/media2/affil-in-the-news/affil-in-the-news http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/debt-warriors Top 15 Credit Card Tricks and Traps: Debt Warriors blog on AFFIL's "Common Credit Card Tricks and Traps." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/debt-warriors Mon, 21 Jul 2008 11:56:23 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fort-worth-star-telegram2 The Watchdog: Credit Card Cautions: AFFIL's "Common Credit Card Tricks and Traps" published as resource in Fort Worth Star-Telegram. Full Text: Faced with mounting complaints about abuses by credit card companies, Congress is studying proposed legislation and the Federal Reserve is looking at new consumer-protection measures. Congress could vote as early as September on several bills, including one called the Credit Cardholders’ Bill of Rights. The Fed is expected to act this year. But until any changes come, it’s wise to watch out for pitfalls on your own. Americans for Fairness in Lending says you should: Make sure your credit card bill is due the same date each month. Watch for early due dates that make the bill due a few days after you receive it. Watch for weekend due dates because if your payment arrives the following Monday, you will probably face a late fee. Never go over your credit limit because if you do, you might face an extra charge and your interest rate could go up. Avoid missing a payment on one card; it might affect the interest rate on an unrelated card. Never assume you get to keep the low teaser rate for the entire promotional period. Understand that if your card offers two rates (one for purchases and one for cash balances), your payments will always go toward paying off the lower-rate charges before the higher ones. Avoid add-on charges like "credit protection" because the fees are probably more than the minimum payment the service would cover if you became sick or lost your job. — Dave Lieber http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fort-worth-star-telegram2 Mon, 21 Jul 2008 10:21:51 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/creditcards_com Proposed Credit Card Rule Changes Draw Massive Response: Americans for Fairness in Lending, a nonprofit group that educates consumers about predatory lending practices, has also urged people to file comments. "The responses from outraged consumers posted on the Federal Reserve Board Web site are eye opening and heart breaking," the group's campaign manager, Sarah Byrnes, says in a press release." Americans are telling the Federal Reserve Board in no uncertain terms that they have had enough of these tricks and traps." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/creditcards_com Mon, 21 Jul 2008 10:25:31 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/columbus-dispatch Comments sought on proposed credit-card policies: Jim Campen, executive director of Americans for Fairness in Lending, a Boston-based consumer organization, called credit cards “cash cows” for lenders. “Banks that specialize in credit cards, they are about three times more profitable than other banks,” he said, adding that it might not be a bad thing if some people were denied credit cards. “They issue a lot of credit cards to people they shouldn't, people who can't get out of debt,” Campen said. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/columbus-dispatch Mon, 21 Jul 2008 11:49:32 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-consumerist 10 Credit Card Company Tricks to Beware: Are you smarter than a credit card company? They've got billions riding http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-consumerist Mon, 14 Jul 2008 15:32:09 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/washington-post The Color of Money: AFFIL mentioned as resource in May 22, 2008 online discussion hosted by Washington Post Personal Finance Columnist Michelle Singletary with James Lardner, Jose Garcia and Cynthia Zeldin, authors of "Up to Our Eyeballs: How Shady Lenders and Failed Economic Policies Are Drowning Americans in Debt" (New Press and Demos). James Lardner: One theme of our book is that people tend to see debt simply as a personal issue. We think of it as a society-wide problem that calls for society-wide solutions (and personal ones too, of course). There are proposals for lending industry reform moving forward in Congress. You can find out about some of this activity, and how to support it, at the Americans for Fairness in Lending website: www.affil.org. AFFIL is an umbrella group of organizations working for common sense reform of the lending industry. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/washington-post Tue, 03 Jun 2008 08:38:42 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-new-york-times2 Irv Ackelsberg's Letter to the Editor in Response to Lenders Fight Stricter Rules on Mortgages,” front page, April 28: It is not surprising that the same lenders and brokers who brought us http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-new-york-times2 Tue, 03 Jun 2008 09:19:25 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/st_-albans-messenger Banks, licensed lenders,what's the difference? The Messenger also spoke with Jim Campen, executive director of Americans for Fairness in Lending (AFFIL), about the differences in lending patterns between banks and licensed lenders. "To be a bank is a big deal," Campen said. "To get FDIC insurance, there's a rigorous review," Campen explained. That review includes not only the resources and capital of the bank but also the experience and expertise of its managers, according to Campen. Asked if the lack of lending restrictions contributes to predatory lending, Jim Campen, of AFFIL, responded with an unequivocal "Yes." Campen said that in Massachusetts, where he has done extensive research into lending patterns, 70 percent of high cost loans, also known as High APR Loans (HALs) are made by licensed lenders. HALs are loans in which the annual percentage rate for the month in which the loan closed is more than 3 percent above the interest rate on treasury bills for that same month, Campen explained. icensed lenders are not covered by the Community Reinvestment Act of 1977 (CRA), according to Campen. The act was adopted by Congress in response to "redlining" by banks, in which borrowers in certain neighborhoods would be excluded from loans or given different terms for their loans than other borrowers. The law requires banks to serve all portions of their communities. "A lot of good lending has come out of it," Campen said. However, banks are only required to comply with the CRA in communities where they accept deposits. Some banks lend nationally but only have branches in certain states, Campen said. Licensed lenders are not subject to CRA at all. Campen said there is a demonstrable pattern between the frequency of HALs made by a bank or lender and whether or not it is subject to CRA. Last fall Massachusetts passed a law subjecting licensed lenders to requirements similar to those in the CRA, according to Campen. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/st_-albans-messenger Wed, 04 Jun 2008 12:09:18 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/debt-warriors-radio-blog--wokb-am We Are Debt Warriors: AFFIL Executive Director Jim Campen talks with Debt Warriors Host J. Carlton Ford about predatory lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/debt-warriors-radio-blog--wokb-am Wed, 04 Jun 2008 12:17:01 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/daily-free-press Survey: Americans financially illiterate: "Self-regulation simply does not work. In fact, it is detrimental to the American dream." - Matthew Goldman, Americans for Fairness in Lending. The responsibility for college students' debt should be placed on students and the credit companies that take advantage of them, said Americans for Fairness in Lending student representative Matthew Goldman in an e-mail. Goldman, a Boston University College of Arts and Sciences junior, said loan companies "love to prey" on college students and said students should be aware of what could leave them with large amounts of debt. Goldman said third-party lenders "attempt to wiggle their way into the hearts and back pockets of vulnerable students," with promotions and give-aways. Though lender education is important, federal regulation of the lending industry is necessary for the economy's well-being, he said. "Self-regulation simply does not work," Goldman said. "In fact, it is detrimental to the American dream." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/daily-free-press Thu, 20 Mar 2008 09:13:07 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe3 Jim Campen's letter to the editor in response to Jeff Jacoby's Op-Ed, "How Government Makes Things Worse," published in the Boston Globe, Sunday Edition (full text below): Government (in)action: March 16, 2008 JACOBY'S CLAIM that the current subprime mortgage meltdown is the result of the Community Reinvestment Act, a law passed in 1977 and underenforced by the Bush administration, is absurd on its face. In fact, the CRA encourages only responsible lending in low- and moderate-income communities, and banks covered by the law accounted for only 1.6 percent of all subprime mortgage loans in Massachusetts in 2006. The real problem with the CRA is that it has not applied to the out-of-state banks and independent mortgage companies that account for a majority of total lending in the state, including almost all of the subprime lending. Fortunately, our Legislature and governor, guided by the facts on the ground rather than by free-market ideology, decided last fall to extend CRA-like obligations to the licensed mortgage lenders responsible for the bulk of subprime loans in Massachusetts. They recognized that markets require well-designed regulation in order to function efficiently and fairly. JIM CAMPEN Executive Director Americans for Fairness in Lending Boston http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe3 Mon, 17 Mar 2008 08:46:38 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cbnnews_com Predatory Lending Preys on the Vulnerable 3/10/2008 Source: By Charlene Israel, CBN News Reporter http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cbnnews_com Thu, 13 Mar 2008 10:36:02 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/ny1-news Report Says Subprime Mortgage Lenders Target Minorities: A new report accuses subprime mortgage lenders of going out of their way to target poor and minority areas, including some New York City neighborhoods. The report was released Thursday by a coalition of research organizations focusing on urban areas. It’s worth noting that the study report looks at 2006 and a lot of changes in lending patterns have happened since. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/ny1-news Fri, 07 Mar 2008 15:06:42 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/associated-press Report: Minorities Hit by Foreclosures: Subprime lenders that went out of business with the industry's collapse targeted minority neighborhoods, leaving them to struggle disproportionately with foreclosures and crumbling home values, according to a new report. (Jim Campen, AFFIL Executive Director, is one of the authors of the report.) http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/associated-press Fri, 07 Mar 2008 15:05:59 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman4 Loan Report Finds ‘Reverse Redlining’ in Hub March 3, 2008 By Amy Wyeth, Reporter “High-risk” subprime lenders closed far more loans in minority and low-income neighborhoods in 2006 than in majority-white neighborhoods with higher median incomes, according to a report released Thursday by the Massachusetts Affordable Housing Alliance and six other fair lending advocacy groups across the country. “What’s notable about this is that it covers seven cities,” said Jim Campen, a board member of MAHA and co-author of the study, “Paying More for the American Dream.” All 33 lenders studied, or their subprime lending divisions, had gone out of business as of last September, Campen said. The report, which relies on Home Mortgage Disclosure Act (HMDA) data that lenders provided to regulators for 2006 – the most recent year available – found that high-risk lenders made 20 percent of all loans in predominantly minority neighborhoods in Boston, New York City, Los Angeles, Chicago, Cleveland, Charlotte, N.C., and Rochester, N.Y., that year, compared to 4 percent of all loans in predominantly white neighborhoods in those cities. The subprime lenders studied made 11 percent of all home loans in the cities studied. In Boston, high-risk lenders’ presence was 4.2 times greater in “highly minority” neighborhoods than in white neighborhoods, the report found. MAHA co-produced a “Paying More for the American Dream” report last year with the same coalition, which found that minorities throughout the United States got more than their share of higher-cost, often subprime, loans from the country’s largest lenders. The current report finds that subprime lenders appeared to target minority and low-income neighborhoods. “There’s no question that this is reverse redlining,” Campen said. Redlining is the name given to some lenders’ former practice of refusing to make loans in communities seen as presenting higher risks. The 1977 Community Reinvestment Act (CRA) attempted to stop the practice by requiring that banks make loans in all communities in which they accept deposits, including lower-income neighborhoods. Regulators grade banks on how well they comply with the law. The non-bank lenders covered in the study “did very targeted marketing” in minority and lower-income neighborhoods, Campen said, through loan offices in the neighborhoods or local mortgage brokers. The lenders, which included Ameriquest, New Century Mortgage Co., Fremont Investment & Loan and WMC Mortgage Co., were not subject to the CRA. But a Massachusetts law passed last November will impose a CRA-like requirement on most non-bank lenders once the state Division of Banks creates the regulation. Campen said Wall Street investors’ willingness to purchase high-priced subprime loans in order to get the investment returns they generated fueled subprime loan production. MAHA Executive Director Tom Callahan said the lenders likely targeted minority and lower-income neighborhoods because residents of those neighborhoods are less likely to have financial education, more likely to be first-generation homebuyers and more reluctant to go to banks. The authors of “Paying More for the American Dream” make several policy recommendations they say will help reverse racial discrimination in lending and keep more people in their homes. The suggested steps include expanding CRA obligations to cover more lenders, expanding enforcement of CRA and fair lending laws, allowing bankruptcy judges to modify loans on a primary residence as part of the bankruptcy process, and expanding data required in HMDA disclosures to include information on underwriting characteristics and loan terms. A U.S. Senate bill that would have allowed bankruptcy judges to modify loans was defeated March 3, but Senate Majority Leader Harry Reid, D-Nevada, has promised to try again after the Senate’s March recess, Campen said. A similar proposal passed the U.S. House Judiciary Committee last December. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman4 Fri, 07 Mar 2008 15:24:36 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/oregon-daily-emerald Shopping the Pain Away Students turn to retail therapy to cope with the stresses of life. By Norma Simon, Freelance Reporter http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/oregon-daily-emerald Fri, 07 Mar 2008 15:23:41 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman3 Report: Racial Disparities in http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman3 Mon, 03 Mar 2008 14:41:41 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe2 Study finds minorities paid more for loans: An annual report on mortgage lending in Massachusetts finds that black and Latino borrowers were disproportionately the recipients of loans with high interest rates in 2006. Perhaps the more interesting question is what the 2007 report will show. This is the 14th annual report for the council authored by Jim Campen, a researcher at the University of Massachusetts at Boston. It is titled "Changing Patterns," but it reports very little change: Blacks, and to a lesser extent Latinos, remained largely unable in 2006 to borrow money at the same interest rate as whites. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe2 Fri, 07 Mar 2008 15:45:23 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-las-vegas-sun http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-las-vegas-sun Wed, 20 Feb 2008 09:19:12 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fox-business-news AFFIL Executive Director Jim Campen interviewed on Fox Business News about why personal responsibility alone won't fix America's credit card problem. Click here to view the segment on YouTube. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fox-business-news Tue, 19 Feb 2008 10:28:12 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/new-york-times2 Principles of Fair Lending: Executive Director Jim Campen writes a Letter to the Editor of the New York Times (re: After the Fed), calling for long overdue regulation of the lending industry and endorsement of AFFIL's Principle of Fair Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/new-york-times2 Tue, 05 Feb 2008 11:20:36 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman2 Lenders File 55 Percent More Petitions to Foreclose By Amy Wyeth Reporter http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman2 Thu, 07 Feb 2008 15:38:43 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/in-these-times Killer Credit: Attack of the $915 billion consumer debt monster: "The issue is how you make credit card loans to people with bad credit, and how you make money off of that," says Jim Campen, executive director of Americans for Fairness in Lending (AFFIL). "And the solution is basically, give them a credit card but don't give them credit, and charge them a lot of fees for doing it." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/in-these-times Tue, 29 Jan 2008 11:16:22 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-lowell-sun Lowell foreclosures tripled in '07: Jim Campen, executive director of the Boston-based consumer-advocacy organization Americans for Fairness in Lending, said there are two primary factors behind the foreclosure trend: --Falling home values. --An increasing tendency of mortgage lenders granting high-interest subprime loans -- those designed for borrowers with poor credit -- to people who could not afford them but were told they could. "A lot of people that are hanging on are not going to be able to hang on any longer," he said. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-lowell-sun Tue, 29 Jan 2008 11:41:32 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msn-moneyblog-smart-spending Have a credit horror story? Post it. Eden has also posted links to great articles about credit cards, including "Top 10 tricks of the lending trade" by Americans for Fairness in Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msn-moneyblog-smart-spending Tue, 29 Jan 2008 09:08:15 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman Challenging Markets, Rules Changes Loom: Mortgage Meltdown Fallout to Shape Coming Year; Continued Housing Slump Also Poses Many Problems Struggling housing and lending markets and major changes to laws and regulations affecting mortgage lenders and brokers will make their mark on the Bay State in 2008, shifting the nature of competition and significantly affecting consumers. Consumer advocates are applauding one provision in the new state law that imposes requirements similar to those of the Community Reinvestment Act on non-bank mortgage companies for the first time. The intent is to ensure that lenders make credit available in even-handed fashion throughout the areas they serve. "Not enough attention has been paid to that," said Jim Campen, executive director of Boston-based Americans for Fairness in Lending. "I think it will be important in the coming year." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/banker-and-tradesman Mon, 07 Jan 2008 15:43:41 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union3 Home prices put strain on buyers Some observers link rising foreclosure rates to the so-called exotic mortgages that gained popularity during the period. Those mortgages, frequently used by borrowers with shaky credit histories, often included adjustable rates requiring borrowers to pay more with time. Kirsten Keefe, the Albany-based executive director of Americans for Fairness in Lending, said it's unclear if people borrowed under exotic mortgages because rising housing costs left them no choice or if housing costs rose dramatically because such mortgages became widely available. "It's the age-old chicken-or-the-egg question," she said. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union3 Thu, 03 Jan 2008 09:15:14 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union4 Home prices put strain on buyers: Kirsten Keefe, the Albany-based executive director of Americans for Fairness in Lending, said it's unclear if people borrowed under exotic mortgages because rising housing costs left them no choice or if housing costs rose dramatically because such mortgages became widely available. "It's the age-old chicken-or-the-egg question," she said. But it's clear that home prices pinched many families, both locally and nationally, Keefe said. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union4 Tue, 29 Jan 2008 13:38:56 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/blast-magazine Avoid credit card traps this holiday season: Here are some tips from Americans for Fairness in Lending on credit during the holiday season. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/blast-magazine Thu, 20 Dec 2007 10:47:45 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/florida-sun-sentinel-consumer-talk It's always Christmastime for lenders, credit card companies: I just watched one of the funniest/scariest holiday videos called "It's always Christmastime for Visa" - one that gently reminds all of us that our gift-giving ways this time of year can cause serious financial damage when we're not careful. The video is posted on the Web site for Americans for Fairness in Lending (AFFIL), a non-profit consumer watchdog group. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/florida-sun-sentinel-consumer-talk Tue, 11 Dec 2007 08:33:01 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/lowell-sun Gloom on home front: People closest to the ongoing mortgage meltdown and foreclosure crisis facing Massachusetts and the nation answer this way: It's very difficult to tell, but the situation is likely to get worse. "We're still in the pretty early stages of it. These loans have brought down the head of Citigroup. They brought down the head of Merrill Lynch. There's tens of billions of dollars at stake. It could easily set the economy into a recession. It's unprecedented. It affects a very large number of people." - Jim Campen, Executive Director http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/lowell-sun Mon, 10 Dec 2007 13:00:09 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/credit-slips Warning: Your Toaster Will Explode: Americans for Fairness in Lending (AFFIL) is urging people to write Congress to say, "Disclosure is not enough." (Posting by Elizabeth Warren) http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/credit-slips Fri, 30 Nov 2007 14:24:57 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-prospect Personal Finance Gets Political: Self-help finance guru Suze Orman has had an epiphany: Lending institutions could use some regulation. "The student loan industry is certainly not alone in being http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-prospect Mon, 03 Dec 2007 16:40:05 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union Examining downside of consumer dream: Documentary that takes dim view of credit card industry to air tonight "It definitely gives a different perspective about the debt crisis," Kirsten Keefe, executive director of Americans for Fairness in Lending, said Wednesday. "To date, the discussion has been about consumer responsibility. This is a whole different story that needs to be told, about how the credit industry is wooing us into debt and keeping us there with fees." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union Fri, 30 Nov 2007 14:02:43 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wise-bread Early in the subprime lending collapse, Wise Bread posted a report from Americans for Fairness in Lending explaining how the subprime lending boom hurt everyone. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wise-bread Mon, 19 Nov 2007 08:50:39 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/patriot-news Read this, Bubbleboy: Kathleen Day, a former Washington Post reporter now at the Center for Responsible Lending, and Kirsten Keefe, a founding director of Americans for Fairness in Lending, ran one seminar. They discussed proposals that included more disclosures about teaser rates and put-ting an onus on lenders to make sure borrowers can afford a mortgage after a teaser rate resets. Both ideas seem reasonable and not unduly burdensome in a process that already involves a ton of paper work. Congress has considered ideas along those lines http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/patriot-news Mon, 19 Nov 2007 11:34:24 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fort-worth-star-telegram Payday loan offices in Texas to post their fees, APRs: Texans taking out payday loans after Jan. 1 will see the annual percentage rate -- as much as 481 percent -- prominently displayed in posters with 1/2 -inch type at many of the short-term lenders' offices. "The industry puts a positive spin on what they're doing. And if lenders actually operate as it says they operate, we'd have less of a problem. The reality on the ground is much more upsetting." - Jim Campen, Executive Director, AFFIL http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/fort-worth-star-telegram Fri, 16 Nov 2007 10:24:55 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/san-antonio-express-news Home hopes, money go down drain: Last fall, Lisa Blue fell in love with a model home and the idea of moving from Florida to the lower-priced San Antonio market. But instead of a fresh start, the pursuit of this home would turn into a months-long drain on the Blue family's finances to the tune of about $18,900 -- an estimated $8,900 in lost deposits on the house and money spent on flights to San Antonio to check on the house, along with a $10,000 credit card loan to help with the down payment... Advocacy groups consider taking escrow out of mortgage payments a practice that contributes to foreclosure. "It doesn't mean you don't have to pay it," said Kirsten Keefe, executive director of Americans for Fairness in Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/san-antonio-express-news Mon, 19 Nov 2007 11:30:28 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wgbh-basic-black Discriminatory Lending: A conversation about racial discrimination in mortgage lending. AFFIL Executive Director Jim Campen interviewed on WGBH Basic Black. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wgbh-basic-black Fri, 16 Nov 2007 13:21:11 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/connecticut-post Housing crisis hits home: As thousands of homeowners default on subprime and predatory loans, foreclosure rates in Connecticut's big cities are beginning to rise dramatically. Facts and figures provided by Americans for Fairness in Lending and Founding Executive Director Kirsten Keefe. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/connecticut-post Mon, 29 Oct 2007 09:52:10 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msnbc-/-business-week Countrywide Moves to Ease Mortgage Misery: On the eve of the mortgage rate resets for a swath of subprime and prime mortgages, Countrywide Financial (CFC) on Oct. 23 unveiled a new program that will help up to 82,000 homeowners avoid foreclosure by allowing them to refinance or modify their mortgage loans. Consumer rights groups such as Americans for Fairness in Lending say the program won't help those most in need homeowners whose loans are already in default. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msnbc-/-business-week Wed, 04 Jun 2008 09:28:57 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cnbc-realty-check $16B Foreclosure Plan: Countrywide is planning to refinance $16B worth http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cnbc-realty-check Wed, 24 Oct 2007 08:40:47 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/yahoo-finance Buy Now, Pay Forever: Yahoo! Finance Columnist Anya Kamenetz covers "Generation Debt" and the problem with credit cards, links to AFFIL's You've Been F#%?'D viral video. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/yahoo-finance Thu, 25 Oct 2007 11:30:23 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-boston-globe Leaders grapple for answers as foreclosures hit home Frank suggests lenders could face tougher rules - Those two [New Century and Washington Mutural] are among http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-boston-globe Wed, 04 Jun 2008 09:14:06 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-now Discriminatory Lending Widespread in Boston - A http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-now Wed, 04 Jun 2008 08:54:21 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/new-york-times "Mortgage Maze May Increase Foreclosures" - “I don’t think there is anything in the entire securitization process http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/new-york-times Mon, 01 Oct 2007 08:14:22 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/mother-jones--mojo-blog "College Students: You've Been F#%'D!" - Americans for Fairness in Lending (AFFIL) has gone YouTube in its campaign against predatory lending. Its new video bashes credit card companies for targeting unemployed college students and leading them on the path to financial ruin. See Mother Jones coverage of "You've Been F#%?'D at http://www.motherjones.com/mojoblog/archives/2007/09/5584_college_student.html http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/mother-jones--mojo-blog Fri, 05 Oct 2007 14:13:56 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wisebread_com How the subprime lending boom hurt everybody: Philip Brewer covers AFFIL's "Neighborhood and Individual Impact of the Subprime Mortgage Crisis: A Reporter's Guide." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wisebread_com Mon, 29 Oct 2007 10:48:48 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msn-moneyblog--smartspending How the subprime lending crisis affects you: Lower property values are among the ripple effects of the subprime mortgage lending crisis, according to a report by Americans for Fairness in Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/msn-moneyblog--smartspending Mon, 29 Oct 2007 10:51:29 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-prospect-blog-tapped Banking on It: Bank of America, the giant bank everyone hates but is joining resentfully, has announced that they are further penalizing those who haven't submitted to their dominance yet by increasing non-customer fees on ATM withdraws to $3. Americans for Fairness in Lending, California Reinvestment Coalition, Consumer Federation of America, Consumers Union, Service Employees International Union, and the Woodstock Institute released a joint statement. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-prospect-blog-tapped Mon, 29 Oct 2007 10:41:13 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-banker B of A's ATM Fee Hike Draws Critics Along with Imitators: Consumer advocacy groups are crying foul over the rising surcharges imposed on noncustomers when they use a bank's automated teller machine. Bank of America Corp. increased its surcharge from $2 to $3 for most of its machines in two phases, at the end of July and at the end of August. The increase prompted several other companies to do the same. A coalition of consumer and advocacy groups said Wednesday that B of A's new surcharge would put "an unconscionable squeeze on low- and middle-income bank consumers." The coalition, which also includes Americans for Fairness in Lending, the California Reinvestment Coalition, the Consumer Federation of America, Consumers Union, and the Woodstock Institute, wants to call attention to the rising surcharges, but it has no plans to advocate legal or legislative action over B of A's $3 fee. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/american-banker Fri, 14 Sep 2007 08:53:41 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cnbc-on-the-money ATM Fee Hike: Founding Executive Director Kirsten Keefe interviewed on CNBC On the Money program. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/cnbc-on-the-money Fri, 14 Sep 2007 16:18:22 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-washington-post2 Where to turn for help - http://www.washingtonpost.com/wp-dyn/content/article/2007/08/31/AR2007083102346.html?sub=AR http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-washington-post2 Mon, 10 Sep 2007 10:05:19 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-albany-times-union Bush Acts to Prevent Home Foreclosures: "It’s sort of amazing that he’s just taking action on this now," said Kirsten Keefe, an attorney with the Empire Justice Center in Albany and the executive director of Americans for Fairness in Lending. Still, Keefe added, "every piece helps," though she doubted the programs announced Friday would be enough. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-albany-times-union Tue, 04 Sep 2007 08:53:51 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-huffington-post-by-blogger-james-scurlock "In the Name of Love" ... Hillary Clinton, who two years ago abandoned middle-class Americans in order to stand by her man in the hospital during the industry-sponsored bankruptcy reform vote, is now talking loudly — and piously — of rescuing homeowners, thus joining ... Jim Cramer and billionaire bond guru Bill Gross of PIMCO. Cramer is easily the smarmiest but by far the most honest of the three, because he understands that any bail-out is a gift to Wall Street, not to those Americans who have been swindled into mortgages that Kirsten Keefe, founding director of Americans For Fairness in Lending, correctly points out were "designed to fail." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-huffington-post-by-blogger-james-scurlock Thu, 30 Aug 2007 09:59:49 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe Mortgage ads show no sign of credit woes: "The advertisement component has been such a big part of their entire business model. It's been part of the bigger picture of helping people take out loans http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/boston-globe Mon, 29 Oct 2007 10:36:05 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-washington-post What Credit Crunch? To Judge by Lenders' Teasers, It's Still Subprime Time: "The advertisement component has been such a big part of their entire business model," Kirsten Keefe, founding director of Americans for Fairness in Lending, an umbrella group for consumer groups, said of the loan companies. "It's been part of the bigger picture of helping people take out loans extremely advantageous to lenders and disadvantageous to the borrowers." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-washington-post Fri, 30 Nov 2007 14:33:17 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/1510-kga-the-big-talker Mark Fuhrman Show interviews Founding Executive Director Kirsten Keefe on Subprime Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/1510-kga-the-big-talker Wed, 24 Oct 2007 09:02:33 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-register-guard-eugene-or "Local market resisting decline" ... Americans for Fairness in Lending, a coalition of nonprofit organizations, estimates that nationally, subprime mortgage lending jumped from 5 percent in 1994 to 20 percent in 2005. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-register-guard-eugene-or Mon, 27 Aug 2007 13:42:23 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/register-guard Local Market Resisting Decline: Americans for Fairness in Lending, a coalition of nonprofit organizations, estimates that nationally, subprime mortgage lending jumped from 5 percent in 1994 to 20 percent in 2005. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/register-guard Fri, 30 Nov 2007 14:31:34 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/associated-press2 Banking Regulators Propose New Mortgage Disclosure Forms: "The best disclosure will never replace regulations. What's really needed are laws and regulations that get rid of abusive terms in adjustable rate mortgages." - Founding Executive Director Kirsten Keefe http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/associated-press2 Wed, 24 Oct 2007 09:19:44 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/sirius-radio The Catholic Channel interviews AFFIL Board Treasurer Irv Ackelsberg on Mortgage Ownership. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/sirius-radio Wed, 24 Oct 2007 09:26:00 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/nbc-10-philadelphia AFFIL Board Treasurer Irv Ackelsberg interviews on Mortgage Ownership. Aired on Philadelphia Evening News. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/nbc-10-philadelphia Wed, 24 Oct 2007 09:35:00 -0500 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union2 Rising star humbled by industry collapse: Subprime lender still looks to return to the top "The whole industry boomed when Wall Street started investing in these loans," said Kirsten Keefe, an attorney with Empire Justice Center in Albany, a nonprofit law firm that works with the poor, and executive director of Americans for Fairness in Lending. "They figured out a way to pool these loans and secure themselves against risk." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/albany-times-union2 Fri, 30 Nov 2007 14:29:27 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/warren-reports-on-the-middle-class Edwards Steps Up On Middle Class: Americans for Fairness in Lending just sent around an email blast applauding Edwards for taking about the debt burden of the middle class. AFFIL represents several consumer groups that have been fighting for years on behalf of struggling families. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/warren-reports-on-the-middle-class Fri, 30 Nov 2007 14:27:23 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/san-antonio-express-news2 Documentary shows plight of Americans burdened by debt: "It's both entertaining as well as informative, and it seems like it could have mass appeal beyond people in the industry or activists who are looking at the industry," AFFIL Executive Director Kirsten Keefe said. "We recognized the power that a movie like this could have." http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/san-antonio-express-news2 Fri, 30 Nov 2007 15:35:23 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wcco-830 Jack Rice Show: Kirsten Keefe, the Executive Director of Americans for Fairness in Lending discusses the issue of lending institutions lending money to those they know cannot pay back the loans as millions of Americans are facing foreclosure. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/wcco-830 Tue, 29 Jan 2008 13:50:11 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/finance24---cape-town-south-africa Dream becoming a nightmare:"Predatory practices need to end immediately and solutions must be designed to help the millions of distressed Americans who have mortgages they cannot afford," said Kirsten Keefe, a consumer lawyer and the executive director of Americans for Fairness in Lending. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/finance24---cape-town-south-africa Tue, 29 Jan 2008 13:52:13 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-new-york-times Critics of Lending Practices Adopt a Harder Edge (by Stuart Elliot): A BITTER fight over lending tactics that critics decry as predatory is heating up as the two sides introduce ambitious marketing efforts intended to woo consumer support in the struggle. An ad by Americans for Fairness in Lending asks whether a tornado, a fire, an earthquake or credit card debt caused the makeshift scene depicted. A coalition of organizations that includes the Consumers Union, the N.A.A.C.P. and the United Automobile Workers plans to introduce today a campaign comparing the effects of so-called unfair lending practices with the havoc wreaked by natural disasters like earthquakes, fires, hurricanes and floods. http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-new-york-times Tue, 29 Jan 2008 13:53:28 -0600 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-boston-globe2 http://www.affil.org/media2/affil-in-the-news/affil-in-the-news/the-boston-globe2 Mon, 03 Mar 2008 09:34:16 -0600