Reverend Jesse Jackson, a civil-rights activist and former presidential candidate, has called on churchgoers at the Friendship Baptist Church to help trim down foreclosure house listings by opposing predatory lending.
He urged them to join a national campaign to challenge banks and their lending practices which he called predatory and greedy. He called on people at the Friendship Baptist in Winston-Salem, North Carolina to join in the national initiative that aims to make changes on the banking systems and push for the renegotiation of bank loan terms.
According to industry experts, the increase in foreclosure house listings started due to the collapse of subprime lending. They also cited some studies that showed that banks have disregarded some of their lending rules and provided loans to people with questionable credit background.
Experts said that the collapse in the subprime lending led to the crisis in the financial system. Some are questioning the decision of the federal government to bailout the banks which they believed contributed to the current foreclosure crisis.
Meanwhile, Friendship Baptist Church pastor Reverend Stacey Frazier explained that he requested Jackson to give a speech before his congregation. He said that many members of the congregation lost their homes to foreclosure and with the unemployment rate increasing rapidly, many more are expected to go into foreclosures in the coming months.
Frazier said that he hopes Jackson would be able to challenge and motivate his congregation to allow them to recover from the impact of the economic and foreclosure crisis.
Recent market data showed that the number of foreclosure properties in North Carolina drop by 38 percent in the first six months of this year. However, the good news brought about by the significant decline in foreclosure rate was offset by the drastic rise in foreclosure activity last June.
June foreclosure rate rose by 23 percent compared with May figures. This brought the total number of foreclosure homes in the state to 3.175. On the other hand, a drop of 26 percent was posted for the first half compared with the last six months of 2008.
Industry experts said that the rise in the number of foreclosure house listings due to unemployment is prevalent not just in North Carolina but also across the country. And more foreclosures are expected as long as the unemployment problem remains unsolved.
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