CHARLOTTESVILLE, Va. -
The forum, hosted by the Piedmont Housing Alliance, a regional nonprofit organization that creates housing and community development opportunity for very low to moderate-income families, was aimed at responding to a July, 2007 report from the National Community Reinvestment Coalition (NCRC) that said it found striking racial disparities in high-cost lending throughout the country. During a panel discussion of the issue, Peggy Deane, VP of mortgage services with Member Options, LLC, a CUSO of UVA Community Credit Union, told the audience credit unions should be viewed as one solution to the problem.
"This was a great opportunity to present the credit union difference" stated Peggy Deane when asked to speak at the forum as an advocate of responsible lending. "Credit Unions are now witnessing a flight to quality and there is no better time for them to respond to their members' mortgage needs by providing responsible lending either through portfolio products or a mortgage CUSO."
The panel consisted of community advocate groups that included the Legal Aid Justice Center; the Virginia Partnership to Encourage Responsible Lending (VaPERL)/Virginia Poverty Law Center; and Charlottesville City Council.
A large portion of the forum focused on strategies to stop predatory lending including legal action, and mandatory licensing for mortgage brokers and loan officers. A final report will be developed and sent to local organizations and politicians for action.
