The predatory mortgages that hit minorities around the United States especially hard are now finally leading for a little bit of accountability, reports The Washington Post.
Fair housing advocates are alleging that US Bank's housing discrimination led to improper marketing and maintenance of foreclosed properties in minority neighborhoods in nine different cities.
The lead activist is the National Fair Housing Alliance. In addition to US Bank's housing discrimination, it is also focused on Wells Fargo & Co. Both of the banks have been reported to the Department of Housing and Urban Development.
Regardless of how this particular complaint about predatory mortgages pans out, the fact is that predatory lending in general is a problem as old as time. And people should be on the look out.
Some lenders, often referred to as predatory lenders, saddle borrowers with loans that come with outrageous terms and conditions, often through deception. Elderly women and minorities frequently report that they have been targeted, or preyed upon, by these lenders. The typical predatory loan is: (1) in excess of those available to similarly situated borrowers from other lenders elsewhere in the lending market, (2) not justified by the creditworthiness of the borrower or the risk of loss, and (3) secured by the borrower's home.
For more information about predatory mortgages and predatory lending in the housing industry, along with the discrimination that might underpin it, you should speak to a local real estate attorney. Many of these attorneys are conversant in the issues you face and would be able to help you out of a tough legal situation, and potentially even earn damages along the way.