predatory lending

Texas Lender Colony Ridge Sued By CFPB, DOJ

Posted on by TMN Editor
The Consumer Financial Protection Bureau and the U.S. Department of Justice are suing developer and lender Colony Ridge, alleging it targeted Hispanic borrowers with “bait-and-switch” land sales and predatory loans. The lawsuit claims Colony Ridge gave borrowers inaccurate information about homesites and coerced them into loans they could not afford, according to the CFPB’s press release. “Our investigation uncovered that Colony Ridge is baiting borrowers with lies, saddling families with predatory loans for homesites that the company knows have repeatedly flooded with raw sewage and lacked basic utility infrastructure,” said CFPB Director Rohit Chopra. Colony Ridge allegedly sold families flood-prone land without water, sewer, or electrical infrastructure. They are being charged with violating the Interstate Land Sales Full Disclosure Act. …

Protesters Rally At BlueHub Capital Headquarters

Posted on by TMN Editor
By KIMBERLEY HAAS Protesters who claim BlueHub Capital has a predatory program that has fleeced distressed homeowners rallied in Boston on Tuesday morning. The Stabilizing Urban Neighborhoods program hit the spotlight in February of 2020, when a group of 14 homeowners filed a class-action lawsuit in Massachusetts Superior Court. WGBH reported at the time that the plaintiffs alleged they were the victims of predatory lending practices while facing foreclosure or hardship. BlueHub Capital leaders responded at the time by saying the SUN initiative had successfully helped more than 1,100 families facing foreclosure and eviction. “SUN has reduced borrowers’ collective outstanding mortgage principal by about $68 million and their monthly mortgage payments by nearly $42 million,” company leaders stated. “Almost all…