The head of Fannie Mae took aim last week at predatory lending practices targeting low-income and minority families in the subprime market.
Franklin D. Raines, chairman and CEO of the secondary-market giant, spoke at Columbia University's School of International and Public Affairs. He inaugurated a lecture series named for the Rev. M. Moran Weston 2d-a community banker and affordable-housing advocate. Predatory lending is one of the "countertrends" to progress made in the 1990s that has pushed the homeownership rate above 66%, he said.