ATLANTA (Nov. 2, 2009) – State Sen. Vincent Fort (D-Atlanta) testified in the Georgia State Capitol before members of the U.S. House Committee on Oversight and Government Reform’s Domestic Policy Subcommittee, which included Chairman Congressman Dennis Kucinich (D-Ohio), Rep. David Scott (D-Georgia) and Rep. Lynn Westmoreland (R-Georgia). Fort spoke about Atlanta’s soaring foreclosure rates and the negative influence predatory lending has had on Atlanta neighborhoods.
“It appears that the loan modification protocol that Wells Fargo/Wachovia is using does not differ substantially from that which has failed in the industry,” said Sen. Fort. “In order to improve Atlanta’s current situation principal loan balances and interest rates should be lowered to make loans more affordable, adjustable rates need to be converted to fixed rates and reverse mortgages with short payoffs should be used for senior citizens.”
Sen. Fort also encouraged the representatives to pass a federal law stopping predatory lending, and conduct a civil rights investigation on the discriminatory practices of Wells Fargo/ Wachovia, Bank of America and Citigroup.
“[The Atlanta Fighting Foreclosure Coalition] learned that Wachovia was making predatory loans directly in their branches in African American neighborhoods here in Atlanta,” Fort said. “Wells Fargo/ Wachovia is being sued in several cities and states including Baltimore Md., Cleveland OH and the state of Illinois.”
Sen. Vincent Fort represents the 39th Senate District which includes a portion of Fulton County. He may be reached at his office at the Capitol at 404.656.5091, by cell phone at 404.287.7116 or by e-mail at vincent.fort@senate.ga.gov.
PRESS RELEASE
For Immediate Release:
November 2, 2009
For Information Contact:
Jennifer Kitt, Press Office Coordinator
Jennifer.Kitt@senate.ga.gov
404.656.0028