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Suffolk lawmakers target predatory lenders

Suffolk lawmakers are sticking up for homeowners being taken advantage of by predatory lenders. Officials want to put an end to reverse redlining, a tactic used to convince homeowners to sign mortgages

News 12 Staff

Aug 4, 2008, 11:14 PM

Updated 5,822 days ago

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Suffolk lawmakers are sticking up for homeowners being taken advantage of by predatory lenders.
Officials want to put an end to reverse redlining, a tactic used to convince homeowners to sign mortgages they don't understand and can't afford in largely minority neighborhoods.
"This practice is immoral, this practice is illegal, this practice is despicable," says Leg. Wayne Horsley (D).
According to Horsley, the communities of Amityville, Brentwood and Central Islip have been hit hardest by unscrupulous lenders. The county is looking into whether it can go after banks and lenders that deceive borrowers.
Wyandanch resident John Davis says he was conned when he bought a house last year. Davis nearly lost his house after falling behind on his mortgage and sinking thousands into home repairs.
"This was the first American dream, but it turned out to be a nightmare," says Davis.
Click here for more on getting help if you?ve been scammed


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