National Council of La Raza to Testify Before Congress on Latinos and Predatory Lending

The National Council of La Raza (NCLR), the largest civil rights and advocacy organization in the United States, will testify before the U.S. House Committee on Financial Services on Wednesday, March 11 on Latino wealth-building priorities and reforming the nation’s broken mortgage system. Since the hearing will look at consumer protection in the financial services sector as it relates to predatory lending, NCLR’s testimony will also include recommendations for strengthening President Obama’s “Make Home Affordable” plan, addressing predatory lending and promoting the role of community-based nonprofits in helping to restore financial security in the Latino community. The hearing will be presided over by Committee Chair Luis Gutierrez (D–IL) and will take place at 2:30 p.m. in Room 2128 of the Rayburn House Office Building.

NCLR will speak to the predatory tactics targeting Latino mortgage borrowers. NCLR has long warned that flaws in the mortgage system open the door to unethical lending practices, leaving Latino borrowers vulnerable. They are twice as likely as White families to end up with a subprime loan, which results in higher fees and greater susceptibility to foreclosure, threatening the significant gains in homeownership that the Latino community has made over the last decade.

MEDIA ADVISORY
WHAT: NCLR testimony before the House Committee on Financial Services
WHEN: Tomorrow, Wednesday, March 11, 2:30 p.m.
WHERE: 2128 Rayburn House Office Building”

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