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Orange County, North Carolina - AIFCH - 2007 <br />1. Continue community education, particularly aimed at those populations targeted by <br />predatory lenders. <br />2. Include information and education regarding predatory practices for those participating in <br />County programs that provide equity, which may later become the subject of equity-stripping <br />predatory practices. <br />3. Identify sub-prime lenders and ensure that all sectors and the general public understand the <br />divisions between prime, sub-prime lending and predatory lending. <br />4. Identify which institutions and transactions are regulated and identify any gaps. Include <br />consideration of fringe financial industry practices in the areas of check cashing and "payday <br />loans," and explore the feasibility of making available alternative, legitimate services to <br />address identified gaps. <br />5. Ensure all County grantee organizations•serving persons who experience predatory lending <br />practices receive training to identify and properly advise and/or refer persons to appropriate <br />resources in the community. <br />11.3 Lending Issues <br />The dream of home ownership is still eluding many qualified members of minority communities. <br />Without an asset base in the geographic areas with high percentages of minorities, there will be <br />limited community reinvestment, including businesses like grocery stores and other retail <br />services. <br />Recommendations: <br />1. Promote quality home ownership education in both English and Spanish, especially aimed <br />at the low and moderate-income markets. <br />2. Encourage the lending industry to conduct an ongoing campaign to increase minority loan <br />applications for the purchase of homes including the provision of education to real estate <br />professionals on the use of community lending products for LMI clientele. <br />3. Conduct and publicly publish annual reviews of lending institutions using HMDA data to <br />determine if applications from non-White individuals and families are rising and if denial <br />rates are comparable to White borrowers in the same income levels. Identify and develop a <br />means of collecting equivalent data on non-regulated lenders that do not report HMDA data <br />and include them in the annual review. <br />4. Monitor the progress of the lending industry through annual reviews and through the results <br />of matched pair fair housing testing. <br />40 <br />