michelenovosad at coopame
04-02-2001, 04:44 PM
Please help spread the following action alert prior to the
Citigroup Shareholders Meeting on April 17, 2001. It only takes a minute to
visit the the web site and send an email to Chuck Prince, Citi's Corporate
Secretary. Let's keep the pressure on Citi to clean up their lending
practices!
Michele Novosad
Co-op America and the Social Investment Forum
************************************************** **************************
****
April 2, 2001
Tell Citibank to clean up predatory lending practices! Take
action at http://www.tellcitibank.org.
Predatory lenders are destroying communities across the
country. These lenders lure low-income people, the elderly, and minorities
into loans with excessive rates and misleading terms -- eventually stripping
them of the equity in their homes, often their only financial asset.
Alverta Jones, a 69 year old hairdresser who earns less than
$400/month watched her $15,000 home improvement loan balloon into a $98,000
debt over a short period of 23 months. Her loan was flipped 4 times, with
exorbitant fees added at each juncture. She is now at risk of losing the
home which has been in her family for generations.
Mrs. Jones' loan was held by Associates First Capital, a
widely criticized predatory lender recently purchased by Citigroup. Citi
has been urged to clean up abusive lending practices at the Associates by
groups nationwide. While making modest changes, Citigroup has yet to end
prepayment penalties, unnecessary and costly refinancing, and follow the
lead of Fannie Mae, Freddie Mac and others in opposing up-front single
premium credit insurance. The Federal Trade Commission recently joined the
chorus by filing a law suit charging the Associates with "widespread abusive
loan practices" in violation of 4 federal acts on March 6th, 2001.
It only takes a minute to tell Citigroup to be a leader in
responsible lending.
TAKE ACTION: Visit
http://www.tellcitibank.org/citizenletter.htm to send an email to
Citigroup's Corporate Secretary. Make sure your voice is heard prior to
April 17, 2001 when Citigroup's holds it's annual shareholder meeting.
LEARN MORE: http://www.tellcitibank.org
Please forward this email to others. Citibank needs to
know that consumers and investors across the country will not stand for the
abusive practices of predatory lending.
This campaign is brought to you by Co-op America and the
Social Investment Forum Foundation; two non-profit organizations committed
to educating the public about responsible investing.
Michele Novosad
Community Investing Initiative
Co-op America and Social Investment Forum
1612 K Street NW, #600, Washington, DC 20006
ph: (202)872-5312
michelenovosad@socialinvest.org
www.coopamerica.org
www.socialinvest.org
************************************************** **************************
*****************************
This post transferred from the cdb-l mailing list
Citigroup Shareholders Meeting on April 17, 2001. It only takes a minute to
visit the the web site and send an email to Chuck Prince, Citi's Corporate
Secretary. Let's keep the pressure on Citi to clean up their lending
practices!
Michele Novosad
Co-op America and the Social Investment Forum
************************************************** **************************
****
April 2, 2001
Tell Citibank to clean up predatory lending practices! Take
action at http://www.tellcitibank.org.
Predatory lenders are destroying communities across the
country. These lenders lure low-income people, the elderly, and minorities
into loans with excessive rates and misleading terms -- eventually stripping
them of the equity in their homes, often their only financial asset.
Alverta Jones, a 69 year old hairdresser who earns less than
$400/month watched her $15,000 home improvement loan balloon into a $98,000
debt over a short period of 23 months. Her loan was flipped 4 times, with
exorbitant fees added at each juncture. She is now at risk of losing the
home which has been in her family for generations.
Mrs. Jones' loan was held by Associates First Capital, a
widely criticized predatory lender recently purchased by Citigroup. Citi
has been urged to clean up abusive lending practices at the Associates by
groups nationwide. While making modest changes, Citigroup has yet to end
prepayment penalties, unnecessary and costly refinancing, and follow the
lead of Fannie Mae, Freddie Mac and others in opposing up-front single
premium credit insurance. The Federal Trade Commission recently joined the
chorus by filing a law suit charging the Associates with "widespread abusive
loan practices" in violation of 4 federal acts on March 6th, 2001.
It only takes a minute to tell Citigroup to be a leader in
responsible lending.
TAKE ACTION: Visit
http://www.tellcitibank.org/citizenletter.htm to send an email to
Citigroup's Corporate Secretary. Make sure your voice is heard prior to
April 17, 2001 when Citigroup's holds it's annual shareholder meeting.
LEARN MORE: http://www.tellcitibank.org
Please forward this email to others. Citibank needs to
know that consumers and investors across the country will not stand for the
abusive practices of predatory lending.
This campaign is brought to you by Co-op America and the
Social Investment Forum Foundation; two non-profit organizations committed
to educating the public about responsible investing.
Michele Novosad
Community Investing Initiative
Co-op America and Social Investment Forum
1612 K Street NW, #600, Washington, DC 20006
ph: (202)872-5312
michelenovosad@socialinvest.org
www.coopamerica.org
www.socialinvest.org
************************************************** **************************
*****************************
This post transferred from the cdb-l mailing list