Thursday, March 13, 2008

One Step Closer to mortgage relief - A message from NAACP Interim President Dennis Hayes

To all this may concern,

I'm writing today to share some good news in the NAACP's fight to protect the rights of minority homeowners who may have been targeted for higher interest subprime loans. After months of hard work by the NAACP's legal team, we have generated serious momentum in our class action lawsuit against the biggest offenders.

Last week, the Los Angeles Federal Court fast tracked our class action lawsuit against the 18 mortgage firms that we believe have disproportionately targeted minority homeowners for predatory loans. This victory could not have come soon enough for homeowners who are facing an unstable economy and a declining mortgage market.

Predatory lending stymies families' attempts at wealth building, ruins people's lives and, given the disproportionate number of minority homeowners who are targeted by predatory lenders, decimates whole communities. The NAACP is demanding that the lending industry commit to restructuring mortgages for borrowers who are at risk of foreclosure.

While there are currently efforts underway by the government and the mortgage industry to reduce the impact of these subprime loans, none of the remedies go far enough to protect minority homeowners who bear an unfair share of the financial burden. The NAACP legal team's victory in expediting the lawsuit brings us one step closer to justice for minority homeowners who are trapped by the unfair distribution of subprime loans.

Know that your continued and strong support of the NAACP is what makes our work possible. We hope this victory will serve as a prelude to many more.


Dennis Courtland Hayes
Interim President & CEO

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