Beware Predatory Lending

1. Developed by NJCA 1 Beware� Predatory Lending Avoiding Financial Frauds and Foreclosure Hello. My name is _________ and I am the _________ with NJ Citizen Action. I�m here today to speak to you about an important issue facing many homebuyers and homeowners -- predatory lending. I�m here today to discuss some of the important issues concerning housing, predatory lending, foreclosures and scams that exist within our communities. I�m here because people are losing their homes, are being ripped off and are victims of unfair housing practices. My organization, NJ Citizen Action is the state�s largest independent citizen watchdog coalition. Citizen Action has more than 60,000 individual members and over 100 affiliate organizations throughout the state. We work closely with senior, labor, tenant, faith-based, consumer, civil rights, disability, neighborhood, and community organizations. For the past 25 years, Citizen Action has been successful in organizing and mobilizing the community around social and economic justice issues that are important to all of us including fair housing, banking and community reinvestment quality health care for all, lead poisoning prevention, fair and affordable utility rates, affordable housing, campaign finance reform and financial education. NJCA also has a statewide oil group that provides discount prices for its members We have 9 offices throughout the state, from Passaic to Camden. These offices contain HUD-certified free loan counseling for low- and moderate-income consumers and crisis counseling for foreclosure issues. Hello. My name is _________ and I am the _________ with NJ Citizen Action. I�m here today to speak to you about an important issue facing many homebuyers and homeowners -- predatory lending. I�m here today to discuss some of the important issues concerning housing, predatory lending, foreclosures and scams that exist within our communities. I�m here because people are losing their homes, are being ripped off and are victims of unfair housing practices. My organization, NJ Citizen Action is the state�s largest independent citizen watchdog coalition. Citizen Action has more than 60,000 individual members and over 100 affiliate organizations throughout the state. We work closely with senior, labor, tenant, faith-based, consumer, civil rights, disability, neighborhood, and community organizations. For the past 25 years, Citizen Action has been successful in organizing and mobilizing the community around social and economic justice issues that are important to all of us including fair housing, banking and community reinvestment quality health care for all, lead poisoning prevention, fair and affordable utility rates, affordable housing, campaign finance reform and financial education. NJCA also has a statewide oil group that provides discount prices for its members We have 9 offices throughout the state, from Passaic to Camden. These offices contain HUD-certified free loan counseling for low- and moderate-income consumers and crisis counseling for foreclosure issues.

2. Developed by NJCA 2 Acknowledgment The work that provided the basis for this presentation was supported by funding under a grant with the U.S. Department of Housing & Urban Development. The work that provided the basis for this presentation is primarily supported by funding under a grant with the U.S. Department of Housing & Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Government.The work that provided the basis for this presentation is primarily supported by funding under a grant with the U.S. Department of Housing & Urban Development. The substance and findings of the work are dedicated to the public. The author and publisher are solely responsible for the accuracy of the statements and interpretations contained in this publication. Such interpretations do not necessarily reflect the views of the Government.

3. Developed by NJCA 3 Overview Understanding: The state and federal laws that support fair housing and protect consumers The home buying process Types of Mortgages Predatory mortgage lenders & sellers Risks of Subprime Loans Foreclosures statistics Foreclosure Rescue Scams Other Risky Financial Activities