Get Involved Before A Bad Loan Gets You or Someone You Know
Source: AARP.org | May 5, 2003
Eight in 10 Americans over age 65 own their homes free of any mortgage. Unfortunately, unscrupulous lenders target many of these homeowners with aggressive marketing campaigns designed to sell them home equity loans. Far too often "equity rich but cash poor" homeowners are sold loans that they are unable to repay. The results are foreclosure and financial ruin. That is why AARP is inviting you to help us stop predatory mortgage lending in Ohio.
The Ohio General Assembly, as part of legislation adopted earlier this year, established a committee to study predatory mortgage lending practices. AARP is one of the committee's three organizations selected to represent the concerns of homeowners. We will use our position on the committee to secure strong protections from abusive lending practices for Ohio homeowners. The study committee will also be holding public hearings this summer. Check out our events calendar for dates and locations, and let your voice be heard regarding this important issue.
Predatory lending is wrong. These overpriced loans with abusive terms and conditions strip the equity that borrowers have built up in their homes over the years. Foreclosures caused by predatory lending practices undermine the fabric of our communities and affect seniors and minorities most of all. AARP seeks to put an end to these practices and encourages you to help in this battle.
If you want to join the effort to fight fraudulent and abusive lending practices in Ohio, join our network of citizen advocates. You will receive regular editions of AARP Ohio's Capitol News and all e-alerts dealing with financial security issues as they arise.
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