Indianapolis Recorder, Indianapolis, Marion County, 24 January 2003 — Page 4
PAGE A4
THE INDIANAPOLIS RECORDER
FRIDAY, JANUARY 24, 2003
PROPOSED LEGISLATION TARGETS PREDATORY LENDING
► Continued from Page 1 boon "flipped" a few times and the interest rate soared higher, she now owes Sti.lOO. "Mipping isa proeessed that is used toatld fees to money that has previously been borrowed. When asked why she took out the loan. Uellminger explained that at thetimeshewaseapableof paying the loan bark, hilt soon af ter she lost her job. Another main point that was mentioned during the news eonf'erenee.but not diseussed in great detail was the taetie that predatory lenders often target minority and low-income areas. Lenders like to settle in neighborhoods that offer little competition for traditional financial services, such as banks and credit unions. They mark the communities that have a lot of'check cashing outlets, pawn shops, rent-to-own stores, and similar businesses. Although this activity is increasing. the snbprime market has experienced a large amount of" growth in lower-income minority communities. Subprime lending by definition is proposing loans to households that have shown an inability to properly manage credit. Subprime lending is a last resort for homeowners with poor credit histories. Subprime loans have higher interest rates because the borrower has higher risk factors and has to pay more to balance their perceived greater risk. A study published by the U.S. Department of Housing and Ur-
ban Development (HUD) based on the 1998 Home Mortgage Disclosure Act (HM DA) uncovered racial unevenness in the subprime market. The report uncovered that snbprime loans are three times more likely in low-income neighborhoods than in highincome neighborhoods, and five times more likely in Black communities than white communities. The report also noted that in predominately Black areas, high cost subprime lending accounted for 51 percent of home loans compared with only 9 percent in predominately white areas. Also, homeowners in highincome Black neighborhoods are six times as likely as homeowners in high-income white neighborhoods, and twice lis likely as homeowners in low,Income white neighborhoods, to have subprime loans. It is very complicated to stop predatory lending because there is little publicly available data regarding loan terms and without information there is noway to effectively monitor or analyze questionable lending. The Legislature is looking in the right direction to limit, and eventually end predatory lending. The bill would also prohibit insurance premiums and "flipping." “This bill may have a rocky road ahead to get passed,” said Crawford. “But it’s a road we intend to travel.”
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Rascoe brothers are proud sponsors for Boys II Men
By ANNETTE L. ANDERSON Recorder Correspondent Brothers Lars and LaMont Rascoe are the original sponsors for Boys II Men, a group of approximately 64 seventh and eighth graders, and some six graders at Guion Creek Middle School in Pike Township. The idea for the program came from a need that both of the men wanted to fulfill. “I saw a need for boys to hang out and to develop,” said older brother Lars. “They also had a need to be directed in a positive way to becoming men, and during this time, they need someone to talk to.” The school employs both men, with Lars teaching technology education, and LaMont in charge of inschool suspension. A third sponsor is Chris Ayers, who teaches eighth grade social studies. “I must say that my brother is the backbone of this program,” LaMont admitted. “He lives only a few steps from the school, so he spends endless hours there. “Being in the school system, and doing intensive research on adolescent males and all of their problems, I Sf 1 Help Feed Starving Children ^ F Support non profit organizations feel J l] good about what you do and earn weekly income. Call 1-212-461-8730 Ip' then call 317-253-7156. IfgjJ
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wanted to offer these boys an alternative to street life. We’re losing so many of them to death, drugs and the lack of self-esteem. They really need positive role models in their lives, be-
We’re losing so many of them to death, drugs and thelack of selfesteem. They really
need
positive
role
cause even those young men without problems, need someone who can help them to make the right decisions.” LaMont also said that one of the strengths of the program is that it involves not only Guion Middle School
models in b »y s . but a ' s '' . the entire Pike thClf Township 11V6S, community. “We have had basketball and football tournaments, water balloon fights and have even shown movies every other Friday night. But the main thing is that the boys are actively involved in preparing for these activities themselves,” he added. According to Lars, the group of young men, who are presently working on the seven principles of life, meet in the school cafeteria or the small gymnasium. For the first semester, they worked on golfer Tiger Woods’ book Start Something, he said. “The book taught them how to succeed, despite obstacles and problems,” Lars offered. “It also taught them to develop some useful
skills.”
He further explained that their focus is now on how to “respect women, increase grade performance, reduce instant self-gratification, and how to prepare for high school and life, in general.” Plans are now under way for a districtwide Pike Township Middle School talent show, beginning at 6:30 p.m. on Feb. 7, at Pike High School. Admission is $3 with all the proceeds going to Boys II Men for an end-of-the-year trip to Canada. All the young men
Lamont Rascoe takes time out to talk to one Pike Township student individually.
who have maintained good grades and good behavior will take the trip, which includes tours to some of the country’s colleges and universities. Other fund raisers include car washes, which paid for a previous ski trip, according to Lars, father of twin 10 year-olds, Lars 4 ,h and Lauren, and whose wife is Valencia. “Some of these
boys had never been skiing before, so it was a very nice trip and experience,” he commented. LaMont is married to Tamara, with whom he has three children, sons LaMont Jr., 4, and Langston, 2, and 6-week-old daughter London. For more information about Boys II Men, call 3887932 or 388-7920.
Brothers Lars (left) and Lamont Rascoe say young boys need positive role models in their lives. (Photos/C. Guynn)
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