Protecting Assets and Wealth

Overview

Experience shows that it is not enough to ensure that Latinos can and do buy homes and accumulate financial assets. With growing economic clout, Hispanics – especially those who have limited proficiency in English – have become a more attractive target for predators in the marketplace. Whether filing taxes, refinancing a mortgage, or applying for a car loan, far too often Latinos pay more in fees and finance charges than warranted by their risk. Paying more unnecessarily for a financial product or service often leads to depriving or stripping families of wealth and equity. Predatory practices also place families in jeopardy of defaulting on a payment and ruining their credit rating, hindering a family’s wealth opportunities over time.

NCLR Position

NCLR feels strongly that in financial markets good consumer practices can drive out bad, and that leadership within the various industries can help to curb and hinder the proliferation of bad actors targeting Latino consumers. Unfortunately, government intervention often is needed to ensure that Latinos can get a fair deal and can make informed choices. NCLR focuses its asset protection work heavily on predatory mortgage lending, remittance practices, and auto lending financing; transactions in which the bulk of the Latino community often engage, in and where it is clear that Latinos are key victims.

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