The practice of predatory lending strips billions of dollars in home equity from low-income and minority consumers each year, according to the Center for Responsible Lending, a nonprofit, nonpartisan research and policy organization.

Consumer groups try hard to draw attention to this problem. But it’s hard to get sympathy or needed federal legislation enacted for low-income borrowers or people with poor credit, because often the sentiment is that these folks get what they deserve.

That may be changing, however.

In one new development, the Opportunity Finance Network, a national organization of 167 financial institutions, has pledged to originate $1 billion or more per year of mortgages to subprime borrowers (typically people with insufficient credit histories or a record of blemished credit) by 2010, to combat predatory lending.

“We are developing a national responsible subprime mortgage platform to challenge predatory lenders who are stealing wealth from homeowners,” said Mark Pinsky, president and CEO of the network.

In other news that I hope will also change how lenders deal with borrowers, Ameriquest Mortgage Co., the nation’s largest subprime lender, has agreed to pay $325 million ($295 million to compensate borrowers and $30 million to reimburse states for fees and legal costs) and refrain from practices that state law officials allege were predatory.

As part of the settlement, Ameriquest promised to clarify its loan terms.

In a statement, Aseem Mital, chief executive officer of ACCCH, the parent company of Ameriquest, said: “This agreement is good for consumers and fair to the company. It provides a framework for new lending policies that improve and enhance our ability to serve our customers and are a model for the industry.”

I hope this agreement put all lenders on notice. Because, truth be told, many people – not just the low-income or the credit challenged – have signed loan documents with terms they didn’t understand.