Predatory Lending Worse for Native Americans?

Predatory lending may be a bigger problem for Native Americans than for the general population, according to the National American Indian Housing Council. In a survey of NAIHC members, 68% of the respondents said they were victims of predatory lending practices. "These practices included interest rates as high as 25 percent on home improvement loans and mobile home loan rates as high as 18 to 24 percent," the advocacy group said. One respondent, a parent of a double amputee, reported that he owned his home outright after 30 years of mortgage payments, but lost it because of the terms of a home improvement loan, the NAIHC said. "The survey paints a grim picture that we know to be true," said NAIHC executive director Christopher Boesen. The survey was done in preparation for testimony at Federal Reserve Board field hearings on the issue.