Protesters Demand Federal Mortgage AidLindsay Gebhartbyline‚ Jun. 11‚ 2007On June 6, dozens of members of the Association of Community Organizations for Reform Now or ACORN held a press conference in front of the Federal Reserve Bank in the Financial District to demand the Federal Reserve finally step in to protect homeowners from unregulated sub-prime loans. "We're asking the Federal Reserve to use the power that it has to regulate the industry more strictly so that brokers and lenders take some responsibility for their actions,” said predatory lending victim Jackie Phillips. The group is asking the Reserve to pass The Home Ownership and Equity Protection Act (HOEPA) at a hearing on June 14 in Washington D.C. ACORN is also demanding that the Federal Reserve Board of Governors and Chairman Ben Bernanke issue regulations to protect hard-working families from predatory lending practices. |