Nearly a dozen consumer advocacy groups in Iowa are banding together to battle so-called predatory lending. The groups say too many Iowans are falling victim to high interest loans that can cost them their home. Tricia Briner, a mortgage counselor in Waterloo, sees bad loans every day. One of Briner’s clients is a single mother of two who’s lived in her home for 17 years is losing that home due to what Briner calls a predatory loan. Briner says the woman was talking in to rolling other debt into her home mortgage when she refinanced, making the monthly payments too high. Briner spoke today at a news conference as the new “Coalition Against Abusive Lending” launches an education campaign to tell Iowans about the pitfalls of “payday” loans and high-interest refinancing loans. Charles Bruner, the executive director of the Iowa Child and Family Policy Center, says while not all loans are predatory, many of the loans granted to low- or moderate-income borrowers are. Bruner says those hard-working Iowans falling prey to high-interest loans deserve some protection. Bruner says Iowa has pretty weak laws on such lending compared to other states, and Bruner says that means while questionable lenders are working within the law, that doesn’t mean there’s not abuse going on. The Coalition Against Abusive Lending will lobby Iowa lawmakers to tighten the state’s lending laws. The Coalition plans to host town meetings around the state this fall to education the public about the pitfalls of some high-interest loans.
You are here: / / Groups try to stop predatory loans