2003-03-15 / Community

Smith Sponsors Town Hall Meeting On March 20

State Senator Malcolm A. Smith announced that he is sponsoring a Town Hall Meeting on "Predatory Lending Practices and the Law – What You Need to Know."

This Town Hall Meeting, which is co-sponsored by Congressman Gregory Meeks and City Council Member James Sanders, will be held on Thursday, March 20 at 6 p.m. in The Atrium at York College, which is located at 94-20 Guy R. Brewer Boulevard in Jamaica.

"As a member of the Senate Banking Committee, I am pleased to sponsor this very important community forum on predatory lending practices," Senator Smith said. "In response to these unscrupulous lenders who prey on prospective home-buyers with less than ideal credit, we have passed a strong law, which I aggressively supported, that now prohibits lenders from entering into unfair and misleading practices that oftentimes result in many losing their home to foreclosure. This Town Hall Meeting will focus on the protections this new law now affords these borrowers."

Senator Smith noted that representatives of various organizations will lead a panel discussion on the subject of predatory lending and will be available to answer any questions on the subject. These panelists will include representatives from the American Association of Retired Persons (AARP), the Association of Community Organizations for Reform Now (ACORN), and staff members from the offices of Attorney General Eliot Spitzer, Queens County District Attorney Richard Brown and NYC Comptroller William Thompson.

Additionally, Town Hall participants are expected to include Congressman Anthony Weiner, Assemblywomen Barbara Clark, Nettie Mayersohn, Assemblymen Brian McLaughlin, William Scarborough, City Council Member Leroy Comrie and David Weprin.

"Although minorities and older women have been the prime targets of these unsavory lenders, many others have been susceptible to these practices and have suffered the economic consequences," said Senator Smith. "I strongly urge my constituents to come out and attend this very informative forum and learn about new protections and rights this law now establishes for all New Yorkers.

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