Sunday, April 26, 2009

Major Lenders Cited In A Lawsuit For Conducting Predatory Lending Against Latinos

Lawsuits claim mortgage lenders took advantage of Hispanics
Sentinel Staff Report

6:50 PM EDT, April 14, 2009

ORLANDO - Hispanics were targeted by a group of predatory mortgage lenders who preyed on their limited abilities to read and speak English, lawsuits filed in Nevada, Arizona -- and soon, Florida -- which seeks class-action status claims.

Among the lenders cited in the lawsuits are Countrywide Home Loans Inc., Freddie Mac, Fannie Mae, GMAC Mortgage, National City Bank, J.P. Morgan Chase, CitiMortgage Inc., HSBC Mortgage Corp., AIG United Guaranty Corp., Wells Fargo Bank, Bank of America, PNC Financial Services Group Inc., Merrill Lynch, GE Money Bank and the Mortgage Electronic Registration System.

The lawsuits allege a nationwide conspiracy to defraud borrowers, which also has impacted investors and the federal government.The Gary, Williams, Finney, Lewis, Watson and Sperando law firm in Orlando is working with law firms in the other states and plans to file a similar suit in Florida. Read Full Article

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