PHILADELPHIA, PA — The new $4 billion “Opportunity Finance Network” of 167 financial institutions across the U.S. unveiled a far-reaching campaign including: the first phase of a multi-billion “Fair MortgageTM” strategy to combat predatory lending; plans for $100 million or more in financing to preserve the affordability of housing units in manufactured home parks for low- and moderate-income homeowners; plans for a relief and recovery fund for communities and businesses struggling in the wake of natural disasters and acts of terrorism; the launch of a “National Opportunity Investor Council” to be headed by former Federal Reserve Governor Ned Gramlich; and the development of a bipartisan strategy.
“We reserve the right to pass judgement until we see the list of lenders” said advocacy group Household - HSBC Watch. “Household International formed a similar group in the past and it was a sham, as Household International became the nation’s most famous predatory lender” the group said.
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