walkingtoabaCUFA’s Housing Initiatives

Predatory Lending, Foreclosure, and Vacant Properties

Long before the current foreclosure crisis became headline news, CUFA has been working to address the problems associated with predatory lending, foreclosure, and vacant properties in our neighborhoods.

Vacant and Foreclosed Properties

CUFA understands that foreclosure is not only a personal tragedy, but it is also devastating to our communities. Therefore, CUFA has been working to address the problems associated with vacant and foreclosed properties by holding “Housing Forum” meetings that bring together public officials and community leaders. At our August 5th Housing Forum, we had over 100 neighborhood leaders from 26 neighborhoods collaborate with city, county, and state representatives.

Predatory Lending and Foreclosure Prevention

CUFA has also been working to save people’s homes from foreclosure. In April, CUFA leaders met with Federal Reserve Chairman Ben Bernanke to demand that the government intervene in the foreclosure crisis to help neighborhoods and families struggling to save their homes. CUFA believes that homeowners must be a part of the government’s plan for economic recovery and supports initiatives by government and private banks to help people stay in their homes. Foreclosure prevention counseling is vital to stabilizing neighborhoods that are at risk for losing their homeowners to foreclosure and ending up with vacant, blighted properties.

Moreover, CUFA understands that a major cause of foreclosure in low and moderate income communities is predatory lending. CUFA celebrated a major win against predatory lending on Election Day this year. PayDay lenders fought against Ohio state restrictions that capped interest rates at 28% (as compared to the PayDay standard of 391% interest rates), but voters voted to maintain the restrictions in a landslide victory. CUFA worked to make this happen through mobilizing and educating its members to support Issue Five against PayDay lending abuses.