Chair Maloney to Examine the Need for Additional Federal Action to Prevent Reverse Redlining

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) will convene a hearing to investigate the extent to which minority borrowers and senior citizens have been targeted to receive higher cost loans.  The hearing entitled, “Predatory Lending and Reverse Redlining: Are Low-income, Minority and Senior Borrowers Targets for Higher Cost Loans?” will be held on Thursday, June 25^th 2009, at 11:00 a.m. in room 2118 of the Rayburn House Office Building.   The JEC will examine the prevalence of “reverse redlining” and whether further federal action to prevent discriminatory lending is needed.  Additionally, the committee will explore how the newly proposed Consumer Financial Product Safety Agency could protect against manipulative lending in the future.    

WHAT: JEC Hearing: Predatory Lending and Reverse Redlining: Are Low-income, Minority and Senior Borrowers Targets For Higher Cost Loans?

WHO:                   James Carr, Chief Operating Officer, National Community Reinvestment Coalition

Gregory D. Squires, Professor of Sociology, and Public Policy and Public Administration, and Chair of the Department of Sociology at GW

Sarah Bloom Raskin, Commissioner of Financial Regulation, State of Maryland

Robert Strupp, Director of Research and Policy, Community Law Center, Baltimore, Maryland

WHEN:                 Thursday, June 25, 2009 at 11:00 a.m.

WHERE:               Rayburn House Office Building room 2118

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

 www.jec.senate.gov

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