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If you are thinking about buying or refinancing
your home, BEWARE. Iowa has seen a dramatic increase in something
called predatory lending - abusive practices used by some mortgage
companies that could deceive you or even cost you your home.
These predatory lenders attempt to get borrowers
to obtain a loan using high pressure sales tactics, misleading offers,
inaccurate or incomplete information or confusing language. And
they give no regard to the borrower's ability to repay the loan.
In particular, minorities, women, the elderly
and the working poor are being profiled and targeted for abuse.
Borrowers hoping to achieve home ownership or hoping to refinance
for home repairs are being set up to fail.
CCI's Fair Lending Task Force is fighting
to stop the spread of this epidemic by holding the mortgage companies
accountable. The task force also educates the public on the dangers
predatory tactics pose to the safety and stability of our families
and neighborhoods.
Our work has given families who felt they
were at the mercy of these companies a way to fight back. Standing
together, they've been able to change their own situations and protect
future borrowers from unethical lending.
To date, we have signed agreements with
four of the top five subprime lenders in the state and helped borrowers
reclaim over $5 million in assets. |
