CUANJ rallies in support of predatory lending legislation

<p>TRENTON, N.J. – Credit Union Affiliates of New Jersey recently joined state legislators, religious and civic leaders, and grassroots organizations at a rally at the State House in support of new state predatory lending legislation. The rally was held to highlight the abusive lending practices that have taken place throughout the state. State Assemblymen Matt Ahearn and Jeff Van Drew introduced legislation that prohibits and restricts abusive mortgage lending practices. The measure prohibits practices such as flipping, financing debt cancellation agreements, default recommendations, negative amortization, and certain balloon payments. It also provides for liability for all parties involved in making and the maintenance of high-cost home loans. State Senators Barbara Buono and Leonard Lance have introduced a similar bill known as the Home Loan Protection Act. Speaking at the rally, CUANJ Vice President of Association Services Christopher Kennedy said the credit union movement in New Jersey has increased its efforts to provide financial services to persons often targeted by predatory lenders. He told reporters that it is the obligation of the credit union movement “to reach out to the members of the community who are being gouged by unscrupulous predatory lenders.”</p>