Thursday, September 06, 2007
Source : courant.com
Around seven companies and individuals were sued by the state over charges that they planned an elaborate scheme to deceive low-income borrowers into taking on mortgages not affordable and forced to foreclosure. Attorney General Richard Blumenthal and Banking Commissioner Howard Pitkin told that they enticed consumers with false promises of earnings from asset rental properties and nonexistent management services. Blumenthal said the potential home buyers were tempted to buy properties listed at inflated values, with hidden costs they could not pay for because of the falsified assets and income. He also told that most of the borrowers failed to find renters and could not afford tax payments. He included that the state nearly three dozen borrowers alleged in this scam involving a huge amount of money. He added that the target audience who fell prey were first time primitive low income buyers who were non English speakers or speak little English.
Around seven companies and individuals were sued by the state over charges that they planned an elaborate scheme to deceive low-income borrowers into taking on mortgages not affordable and forced to foreclosure. Attorney General Richard Blumenthal and Banking Commissioner Howard Pitkin told that they enticed consumers with false promises of earnings from asset rental properties and nonexistent management services. Blumenthal said the potential home buyers were tempted to buy properties listed at inflated values, with hidden costs they could not pay for because of the falsified assets and income. He also told that most of the borrowers failed to find renters and could not afford tax payments. He included that the state nearly three dozen borrowers alleged in this scam involving a huge amount of money. He added that the target audience who fell prey were first time primitive low income buyers who were non English speakers or speak little English.
posted by nisha
@ 4:41 AM
permanent link | Post a Comment |
0 Comments:
Post a Comment
<< Home