Scammers Target Minorities, Young and Old
Scammers Target Minorities, Young and Old
More than a third of all first-time home buyers belong to a racial or ethnic minority, according to a research from the National Association of Realtors. However, what most surveys do not reveal is that most abuses in real estate and lending continue to involve minorities, including the blooming senior population.
Crooks in the home mortgage business historically circle the first and last rungs of the housing ladder. For example, they see the vulnerability of a huge group of 'last-time buyers' who bought decades ago with no intention of ever moving and, thus, are not familiar with the terms or loan programs available today.
In a report on abusive lending, the federal government recommended increased consumer education and disclosures about the lending process as a way to cut down on predatory practices. Intentional deception used to center on equity-skimming con artists who assumed mortgages and quit making payments; but now more signs can be found at application, closing and everywhere in between.
"Kelly: Abusive Lending Practices Continue to Target Minorities," Spokane Spokesman-Review (Jan. 13, 2013)
© Copyright 2011 Information Inc.
Read more
- © Copyright the National Association of REALTORS® unless otherwise noted.
- HEADQUARTERS: 430 NORTH MICHIGAN AVE. CHICAGO, IL 60611
- D.C. OFFICE: 500 NEW JERSEY AVE. NW WASHINGTON, DC 20001
Most Recent News & Commentary