She took her problem to the Public Interest Law Office of Rochester. That group got her to a mainstream lender who lent her the money at a reasonable interest rate. Another problem is yield spread premiums in which a mortgage broker negotiates a loan for a borrower at a higher rate of interest, then gets a kickback of part of the excessive proceeds. The state Assembly is considering an act to amend the banking laws relative to high-cost loans. The law needs to be changed so that people who are not financially savvy or who are desperate don't put themselves in a situation where they will lose their home.
People make bad choices when they are desperate.
Rochester Democrat and Chronicle.