CRL founder getting famous
January 9, 2009 | Center for Responsible Lending, industry, industry critics | Comments (0)Not in the way he would want, though. Another pickup of the New York Times story on Herbert Sandler, the founder of Center for Repsonsible Lending:
Sandler and his wife founded the Center for Responsible Lending, a think tank dedicated to “putting an end to predatory lending practices.” Sadly, though, their firm did not live up to this mission statement: it allowed borrowers to pay less than the interest due on their loan each month, resulting in their never actually paying off any of the principal. In short, because of the Sandlers, poor people continue to accumulate more and more debt that they never pay off.
“Once Trusted Mortgage Pioneers, Now Pariahs”
December 29, 2008 | Center for Responsible Lending | Comments (0)…reads the headline of a New York Times article on Herbert Sandler, the founder of the Center for Responsible Lending.
The Sandlers’ giving intersected most directly with their business interests in 2002 when they helped create an advocacy group for low-income borrowers called the Center for Responsible Lending.
The center was the successor to a smaller organization in North Carolina, whose director, Martin Eakes, had helped the elderly and minorities avoid predatory banking practices.
“I said, ‘Isn’t that incredible what he is doing?’ ” Mr. Sandler recalled. “I said to Martin, ‘What would it take to do what you do on a national scale?’ ”
