Predatory lenders and brokers are out to make a fast buck on the backs of the elderly, homeowners in financial distress, low-income families and people of color. They charge consumers high interest rates and steal the equity that consumers have built in their homes, no matter the cost or consequences to the individual.
Predatory lenders are shameless. In Chicago, a sixty-three-year-old disabled widow, on a monthly fixed income of $448, was one of their many victims. She was smooth-talked into refinancing her home at 13%. And after thousands of dollars in hidden finance charges, the interest rate was even higher. Now, she has to pay $558 a month just to keep her home. At a time when she thought she was signing a contract to secure her financial future, she was actually signing her eviction notice.
Predatory lenders don’t wear ski masks or hold a gun to your head. They come knocking on your door with neckties and loan papers, and their numbers are increasing by the day. These robbers don’t end up in jail because what they are doing is completely legal under current law.
And when Predatory lenders become the US Presidents biggest fundraiser, predatory lenders are appointed as ambassador to the Netherlands.
On behalf of our Dutch poor and elderly people I thank the US of A(meriquest) for such a wonderful representation of your country. Fan -F%^&ng- TASTIC..