Seniors Prime Victims of Subprime Loans
Quoted in the Seattle Times, attorney Melissa Huelsman said: "You can't take away a house with a gun, but you can take it away with a piece of paper... "We, as a society, should treat that as a serious crime."
A Seattle investigation shows that homeowners, and especially older homeowners, are prime targets of predatory lending. It's not just about first-time homebuyers. A three article series in the Times highlights the story of a 96-year-old woman with over $2 million in assets who was cheated out of house, home, and apartment buildings.
As lawmakers grapple with this problem, surprise surprise, mortgage-industry reps are pushing back against any increase in regulation. Individuals who've been scammed by this practice are turning to private attorneys who can investigate whether subprime customers have been taken advantage of and take predatory lenders to court on behalf of these borrowers.