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Statement of Americans for Fairness in Lending on the Election of Barack Obama as President of the United States of America

November 5, 2008

Press Release (PDF)

Jim Campen, Executive Director for AFFIL, released the following statement today in response to the results of the presidential election:

“In September 2007, Senator Barack Obama became the first major party candidate for President to endorse AFFIL’s Six Principles of Fairness in Lending. At that time, Senator Obama said, ‘I am proud to support the important efforts of Americans for Fairness in Lending (AFFIL) to empower more Americans in the fight against consumer fraud and abusive lending practices.’

“Like all Americans, we congratulate Senator Obama on his victory, and pledge our support as he works to turn his commitments into effective policies for the nation’s consumers.

“In the thirteen months that transpired between Senator Obama’s endorsement of the AFFIL principles and the presidential election, small steps have been taken to reform a predatory lending market that has not only impoverished millions of Americans, but also played a major role in bringing about the current economic crisis. Immediate action will be needed to transform our Principles for Fairness in Lending endorsed by President-elect Obama into new national policies that protect consumers, restore justice to consumer credit markets, and rebuild our national economy.” Read the full Press Release (PDF).

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