Unbelievable? No, sadly we see unscrupulous lenders hammering borrowers who have no idea they are falling victim to a predatory loan.
In fact, most of the time these duped homeowners think they were given a great deal. As the article below points out some of the loan brokers and lenders target specific ethnic groups for the purpose lining their pockets at the direct expense of the borrower.
If you are struggling with your loan modification or can’t get a short sale over the finish line have the loan audited ASAP.
- The Bank Slayer
JUDGE ISSUES FINES FOR PREDATORY LENDING TARGETING GREELEY HISPANICS
“The whole Hispanic population can be likened to trained pigs coming to trough; you give them reason to come, and they’ll come and give you all their money.”
A Weld County judge on Thursday imposed civil damages and penalties totaling $629,203 against the defendants in a predatory lending practice scheme that targeted Hispanic homebuyers in Greeley.
The Colorado Civil Rights Commission alleged that the four and J.C. Distinguished Finance engaged in such egregious and deceptive lending practices that the Hispanic homebuyers were eventually forced into foreclosure.
The great majority of the new homeowners didn’t speak English and were given false information about the financing of their homes, according to the Civil Rights Division.
Strodtman and Juhl allegedly steered their Spanish-speaking customers to Charles Brandt and Jessica Feliciano of J.C. Distinguished Finance LLC to obtain mortgages based on fabricated applications.
A business card for JS Real Estate read in Spanish, “Good Credit, Bad Credit, No Social Security Number, Approved, 0 Down Payment.”
The Civil Rights Commission also alleged that Strodtman made discriminatory statements such as, “The whole Hispanic population can be likened to trained pigs coming to trough; you give them reason to come, and they’ll come and give you all their money.“
Among the allegations against the defendants was that they inflated the home prices, failed to explain or disclose the terms of the loans, targeted homebuyers with damaging loan products and induced them to buy with promises that were never kept.
Juhl, Brandt, Feliciano and J.C. Distinguished Finance were each ordered to pay a $25,000 civil penalty. Carmona was ordered to pay a $10,000 civil penalty.
Another $319,203 in damages was assessed against the defendants and $200,000 in non-economic compensatory damages was also ordered.
