Today's Date: May 11, 2021
Miami Based Black Advertisement Agency Receives Multiple 27th Annual Communicator Awards From the Academy of Interactive and Vis   •   Wells Fargo Joins OneTen Coalition to Hire, Upskill and Advance Black and African American Talent in the U.S.   •   Global War on Terrorism Memorial Foundation Gets Support From MISSION BBQ American Heroes Cup Campaign   •   Paway Celebrates Dog Moms Throughout The Month Of May With Their "Best Dog Mom Challenge"   •   Accenture and Shiseido Establish Joint Venture to Accelerate Shiseido’s Digital Transformation   •   Leading DTC Bridal Brand Azazie Launches Size Inclusive Shapewear   •   Joint statement on the 5th anniversary of Canada's full support for the United Nations Declaration on the Rights of Indigenous P   •   Indigenous Services Canada announces 2021 recipients of the Awards of Excellence in Nursing   •   National Geographic Documentary Films Partners With Acclaimed Director Dawn Porter in Search of Justice and Peace 100 Years Afte   •   Student-Led Startup Skin Releaf Takes USD 25,000 Top Prize in Standard Chartered 2021 Women in Tech Incubator Competition   •   Commvault Celebrates Inclusion of 16 Global Executives to CRN's 2021 Women of the Channel List   •   Statement - Minister of Veterans Affairs marks National Nursing Week   •   EquityPlus Completes "4% Floor" $16 Million Bond Sale To Finance Senior Citizen Affordable Housing And Community Wellness Center   •   BlackNorth Initiative Sponsoring Lori-Ann Green-Walker, Part of the 6th Cohort of the ESG Competent Boards Certificate Program   •   Susan G. Komen® Welcomes Eight New Leaders in Healthcare, Marketing and Business Operations to Board of Directors   •   Unilever's Second Annual Day of Service Gets Sweeter at Vaccine Locations Across the Country   •   AEO Inc. to Report First Quarter 2021 Results on May 26th   •   Cadence13 Partners with Globally Renowned Thought Leader, Bestselling Author, and Activist Glennon Doyle for First-Ever Podcast   •   Survey Reveals 8 Out Of 10 Asian Americans Say They Are Discriminated Against And 77% Do Not Feel Respected In The U.S.   •   MAËLYS Receives Significant Investment from Norwest 
Bookmark and Share

Will Auto Subprime Lending Be The Next Home Loan Crisis?

Florida Minority Community Reinvestment Coalition (FMCRC) Chair Al Pina issued the following statement regarding auto subprime lending to Florida minority families:


“Let us make it clear that subprime lending for auto loans is necessary just as it was for home loans.  But history and data shows us that it is when subprime lending turns into predatory lending is when it has an economic impact on ALL minority families.  Minorities purchase more vehicles than homes and this is a fact.  We are seeing more and more where new car lenders are keeping minority families in subprime auto loans in spite of the fact that their credit history shows they should qualify for general market auto loan rates.  In fact, the FMCRC General Counsel, who is African American, went to a new car dealer and applied for a loan.  They attempted to place him in a subprime loan.  He being educated on these matters did not accept such terms and found a dealer who did not attempt such practice predatory lending.  FMCRC will launch an initiative to combat this practice and allow Florida minority families access to fair auto lending practices.  We are inviting key auto manufacturers, NADA and bank auto lenders to join us on a Florida auto diversity committee to find solutions that will put our families into new vehicles without stripping them of excessive discretionary income”


Automotive Lending Leaders in Country:


Institution:                                          Market Share:


GMAC                                                   6.4%

JPM Chase                                            5.8%

Toyota                                                  5.5%

Wells Fargo                                          5.4%

Honda                                                   4.2%

Ford                                                       3.4%

Capital One                                           2.7%

Bank of America                                   2.0%

Nissan                                                    1.9%

Fifth Third                                             1.7%



FMCRC Mission Statement
Our goal is to empower low-income and minority communities by attracting investments for health, education, homeownership, employment, and minority entrepreneurship using a holistic advocacy approach.



Back to top
| Back to home page

White House Live Stream
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News