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Deceptive ads fueled subprime mortgage crisis fallout
The story follows Clemens a 62 year old Florida resident living on a $1 094 disability check who fell for a bait and switch refinancing offer from Advanced Funding in 2004. It highlights deceptive ads targeting low income and minority borrowers and notes regulatory efforts by federal bank regulators to tighten rules amid the subprime boom and ensuing crisis. The piece cites figures from the Mortgage Bankers Association and the Center for Responsible Lending and quotes activists on racial steering and predatory lending.
MENTIONED IN THIS ARTICLE
Florida
St. Petersburg
Clemens
Jordan Ash
Financial Justice Center
Mortgage Bankers Association
Clemcons
Center For Responsible Lending
Durham
N.C
Federal Reserve
Ben Bemanke
Congress
Fed
Truth In Lending Act