The non-profit organization hopes to arm the community with the tools to fight the foreclosure virus.
By Brian W. Carter
Sentinel Staff Writer
Foreclosure. The word no one wants to hear but it’s blasting in many an eardrum across the nation. The housing and economic downturn has lacerated the backs of thousands of people. Some of those hardest hit are in the Black community of Los Angeles.
To make matters worse, predatory lenders and loan modification scam artists are targeting families faced with possible foreclosure. This compounding of issues is leading to people losing their homes and so much more. This brings us to Project Noble Cause (PNC).
PNC is a 501(c) non-profit organization that is dedicated to informing, empowering and leading families in the community to the truth. Their goal is to educate people on foreclosure fraud through community workshops and prevent more people from losing their homes.
In a recent article, Wells Fargo was allegedly targeting the Black community with high-interest subprime mortgages. According to the article, loan officers were directed to African-Americans and Black-owned businesses. In a quote from a loan officer, Ms. Jacobson, the alleged acts took place.
“We just went right after them,” said Ms. Jacobson. “Wells Fargo mortgage had an emerging-markets unit that specifically targeted Black churches, because it figured church leaders had a lot of influence and could convince congregants to take out sub-prime loans.”
The Center for Responsible Lending conducted a study showed that Black and Hispanic communities combined were the majority foreclosure victims in California from 2006 and 2009. The nonprofit group analyzed 600,000 foreclosures in the state and found Black and Hispanic were the majority of victims of sub-prime mortgages when compared to Caucasians.
On June 25, at 10:00am-2:00pm, PNC will have a foreclosure prevention workshop for the Los Angeles Community. They are inviting political and community leaders such as AG Kamala Harris, Congresswoman Maxine Waters, Supervisor Mark Ridley-Thomas, and representatives from the LA Dept. of Consumer Affairs, LA Urban League, and SW Board of Realtors.
The Foreclosure Prevention Workshop will take place on Saturday, June 25, from 10:00am until 2:00 pm, at 4437 West Slauson Ave. Los Angeles, 90043. The public may contact them at (323) 309-9722. The event is free. Confirmed attendees: LA Dept. of Consumer Affairs, LA Urban League and SW Board of Realtors.
For more information on Project Noble Cause, please visit www.projectnoblecause.org and www.smokeandmers.com. They have also started a petition site against foreclosures at http://www.ipetitions.com/petition/smokeandmers911/
Project Noble Cause is a 501 (c) 3 non profit organization looking to improve the lives and financial well-being of individuals and families by providing quality financial education and counseling, and to bring the community leaders together to assist homeowners and help them maintain homeownership.