predatory lending call to action

colist-admin at colist-admin at
Mon Sep 10 09:42:00 CDT 2001

[ed:  those of you working on predatory lending may find this 
of interest.]

From: "David Swanson" <acornnews at>

Urgent Call to Action!

September 8 to September 13: those are the days remaining 
during which we
must convince members of the California Assembly to vote for 
our ban on
predatory lending.

The bill is called AB 489 and can be read at

A list of Assembly Members to contact is at

Abusive mortgage lending is destroying families and 
neighborhoods in
California, and ACORN has worked for two years to bring the 
legislature this
close to passing a law to protect borrowers. Let's not let up now!

The Senate is expected to vote on Sept. 10, and the Assembly on Sept. 11 or
12. The 10th is Monday, and California residents should call their Assembly
Members starting then.  Please alert any allies in California.  Please
forward this message to any relevant listserves.

Thanks to the leadership of Senators John Burton and Mike Machado, and
Assemblywoman Carole Migden, we now have a predatory lending bill with broad
political support that can protect tens of thousands of Californians each
year. AB 489 would ban the financing of credit life insurance outright, a
huge moral and political victory in its own right. For high cost loans, it
would ban flipping, making loans people can't repay, end balloon payments,
limit abuses with home repair contractors, and a host of other practices.
This bill is a first step, but it is a critical first step to our cause.

A round of very recent amendments has made AB 489 the kind of legislation
the following members of the California Anti-Predatory Lending Coalition can
support: ACORN, AARP, California Reinvestment Committee, Congress of
California Seniors and Consumers Union.

Gov. Gray Davis announced his endorsement of the bill on Sept. 6. U.S.
Representative Maxine Waters announced her support Sept. 7. The Los Angeles
City Council has passed a resolution supporting the bill.

The bill has now passed the Senate Banking Committee and the Senate
Appropriations Committee and will almost certainly pass the Senate. This
leaves the Assembly, where the outcome is far from certain.


For more information, link to

Or contact Brian Kettenring at Sacramento ACORN at caacornsaro at or

Past postings to this list are at

ACORN, the Association of Community Organizations for Reform Now, is the
nation's largest community organization of low- and moderate-income
families, with over 100,000 member families organized into 500 neighborhood
chapters in 40 cities across the country. Since 1970 ACORN has taken action
and won victories on issues of concern to our members. Our priorities
include: better housing for first time homebuyers and tenants, living wages
for low-wage workers, more investment in our communities from banks and
governments, and better public schools. We achieve these goals by building
community organizations that have the power to win changes -- through direct
action, negotiation, legislation, and voter participation.

To subscribe to ACORN's Email list send an Email with only the words
"subscribe acornupdates" in the body of the message to
mailto:majordomo at

To unsubscribe from ACORN's Email list send an Email with only the words
"unsubscribe acornupdates" in the body of the message to
mailto:majordomo at

David Swanson, communications coordinator
ACORN, the Association of Community Organizations for Reform Now
739 8th Street SE
Washington, DC 20003
(202) 547-2500 p
(202) 546-2483 f
mailto:acornnews at

More information about the Colist mailing list