Brooklyn, New York -  Congressman Edolphus "Ed" Towns (NY-10) is hosting a Predatory Lending Seminar to arm the community with resources and valuable information about those predatory lenders who calculatingly target young, elderly, minority, or financially inexperienced borrowers, which result in severe consequences for families and communities. 
 
DATE: June 12, 2008
TIME:  7:00 PM
PLACE:   Hebron Baptist Church
  601 Willoughby Avenue (between Throop and Tompkins)
  Brooklyn, NY

Background:
According to the Federal Reserve Bank of New York, “a Brooklyn community had the highest subprime foreclosure rate in the state in October 2007.  One in four homeowners with subprime mortgages in the 11233 zip code, which spans Brooklyn's Bedford-Stuyvesant neighborhood, lost their homes,” the Fed said.

District Attorney Charles Hynes, the featured guest speaker who is credited with indicting violators for predatory real estate fraud practices, and a mortgage fraud expert will address preventative measures and issues in predatory lending such as: discriminatory interest rates, intense pressure tactics that manipulate people into higher-risk loans with steep repayment penalties, and excessive fees for unnecessary or nonexistent services.  This meeting is free and open to the public; all residents are encouraged to attend.

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