The lawsuit alleges the company misled borrowers at every opportunity and foreclosed on their property. I say it's time to give these loan sharks a taste of their own medicine either clean up your act, or we'll shut you down. As chairman of the Senate Special Committee on Aging, I am convening a congressional hearing this year to investigate these allegations of abusive lending practices. Most of all, I intend to expose those who victimize the elderly for profit. Home-equity lending scams pose a serious risk to the nation's aging population.
More people today are equity-rich, but cash poor.
An educated public can help run these abusive lenders out of business. Plus, the problem providers are giving a black eye to the home equity credit industry which provides a valuable service to consumers. To protect themselves against such scams, consumers must keep an eye out for equity predators. Although they may urgently need cash, borrowers must shop carefully before putting one's property and lifetime worth of memories up for collateral. Take a friend, neighbor, family attorney, or pastor along to review the documents.