WASHINGTON–Black homeowners who were unfairly targeted for the subprime mortgages that helped topple the American economy now face the threat of similar predatory practices, Department of Housing and Urban Development Secretary Shaun Donovan recentl
WASHINGTON–Black homeowners who were unfairly targeted for the subprime mortgages that helped topple the American economy now face the threat of similar predatory practices, Department of Housing and Urban Development Secretary Shaun Donovan recently told African-American reporters.
“We had many unscrupulous financial institutions, brokers and others that led folks down the wrong paths with these subprime and predatory practices. Unfortunately, we’re now seeing some of those same people that got folks into trouble in the first place migrating over into foreclosure scams,” Donovan said.
“So we have people who are on the edge of foreclosure, who are in a desperate situation that are hearing things that are, frankly, too good to be true.”
Confronting this burgeoning threat will be part of the Obama administration’s efforts to address the current foreclosure crisis and strengthen HUD’s performance moving forward.
______
To read the rest of this article, subscribe to our digital or paper edition. For previous editions, contact us for details.
Copyright 2009 NNPA. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
