Californians Sign Up to Stop Predatory Payday Lenders

The California Reinvestment Coalition had a table at “Closer to Home,” Housing California’s annual conference in Sacramento. At the table, CRC staff informed passersby about its campaign to stop predatory payday lenders, and invited them to help organize in their local communities.

CRC provided those interested with the first draft of a brochure warning against the use of expensive payday loans. Many were excited about the campaign, stressed its importance and signed up to help.

CRC also distributed information about Wachovia’s pending purchase of World Savings in Oakland, and provided sample letters for people to write to Wachovia’s CEO about making a reinvestment commitment to California.

Associate Director Kevin Stein presented on a panel at the conference entitled, “The Role of the Housing Counseling Organization in Combating Predatory Lending.” His co-panelists were: Nancy Flores, Department of Housing and Urban Development; Maria Benjamin, Community Housing Development Corporation; Maria Giuriato, Monterey County Housing Alliance; Jennifer Harris, Sacramento Home Loan Counseling Center and CRC Board Member Heidi Li, Housing and Economic Rights Advocates.

Mr. Stein presented findings from CRC studies on predatory and subprime mortgage lending. He also talked about how housing counselors can help in the fight against predatory lenders. Mr. Stein announced that Wachovia’s pending acquisition of World Savings presents a perfect opportunity for advocates to influence loan products offered in California by commenting on the merger.