In the late 1990s, leaders at Self-Help Credit Union began to notice a disturbing trend. While Self-Help was helping lower-wealth families buy their first home, predatory lenders were busy targeting the same families for subprime refinances. Too often these refinances drained the homeowners’ resources until they lost their homes. When a borrower came to us owing more than $47,000 on a house that originally cost $29,000, we knew we had to act. Thus, our affiliate organization the Center for Responsible Lending (CRL) was born.*
Today, fifteen years later, CRL continues to stand up for fair loans that build wealth and fight predatory lending practices. On April 25, the organization celebrated its anniversary with a reception in New York City.