Congress Told Subprime Standards Needed

Credit Union Journal, The, February, 2007 by Ed Roberts, Washington Bureau Chief

CDCU champion Martin Eakes joined civil rights leader Jesse Jackson and the head of the NAACP before Congress to call on lawmakers last week to pass national standards to protect subprime mortgage borrowers from predatory lending practices.

Eakes, who told members of the Senate Banking Committee he grew up in predominantly African-American south Greensboro, N.C., said that millions of Americans will default on subprime mortgages they purchased over the last few years-a disproportionate number of them African-Americans, Hispanics or other minorities.

"Subprime foreclosures threaten to displace more African-American families than (Hurricane) Katrina did, but it will be a silent and invisible storm," said the founder of Self Help CU, the largest and most influential...

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