Monday, December 06, 2004

USA Today Article on Predatory Lending

A highlight

Desperate to hang on to her Brooklyn, N.Y., home, Lawler, 55, took out a new mortgage with a local finance company that carried an 18.25% interest rate, big fees that were rolled into her balance and a "balloon" payoff due in five years. Unable to make the higher monthly payments, Lawler refinanced into what she thought was a more affordable loan.

The pattern continued through six lenders, 10 years and thousands of dollars of dubious charges that eroded her home equity and pushed her mortgage balance from $50,000 to $198,000.

USATODAY.com - More U.S. home buyers fall prey to predatory lenders
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