Homeownership protection
The Anti-Predatory Lending Initiative (APLI)
PCRG’s Anti-Predatory Lending Initiative is the latest program in development by PCRG to increase community reinvestment. APLI is a result of research conducted on both the local and national level indicating the penetration of unsound lending practices and products, provided by disreputable institutions.
Recent PCRG lending studies indicated a growing proportion of sub-prime lending and a decrease in market share of traditional lending institutions. These trends prompted PCRG to organize the Pittsburgh Anti-Predatory Lending Task Force, spearheaded by former city councilwoman (now Allegheny County Recorder of Deeds) Valerie McDonald Roberts.
APLI and its broad network of legal, financial and consumer counseling agencies will begin to educate the public on the detriments of unsound borrowing, while providing a network of referral services to those that have already been victimized by predatory lenders. The program will also contribute to conducting research and information gathering to determine the depth of the problem locally and then begin its eradication.
Read updates in the category Anti-Predatory Lending Initiative for more information.
Don’t Borrow Trouble® Allegheny County
Don’t Borrow Trouble® is a public awareness campaign to assist home owners avoid bad loans and predatory lenders.
In the past five years PCRG has seen an increase in exotic mortgage products, which combined with lax licensing requirements for brokers and appraisers, has led to high increase in predatory loans or what we call “bad loans,” which is why we have a higher foreclosure rates.
We urge home owners who are late in their mortgage payments or facing foreclosure to call the Don’t Borrow Trouble hotline. Studies show that 50% of delinquent borrowers do not call their lenders. Please call the Don’t Borrow Trouble hotline at 866-907-2285. There is help available.
