Consumer complaint received 2017-02-07
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: FIRST HORIZON BANK (OH)

I purchased my home in XX/XX/XXXX at a predatory interest rate of XXXX %. My home was a fixer upper and had not been lived in for 5 years prior. The first week my children and I moved in, the furnace caught on fire. I purchased my home for XXXX and put down a XXXX % down payment, from my teacher 's retirement account. Because the home had so many repairs that was needed the city of XXXX was constantly citing me to make the repairs. My mortgage payments were crazy high and did not include any taxes or insurance with it. As a single parent with XXXX children on a teacher 's salary, I was struggling to make ends meet. Drowning. I wrote, mailed, emailed and contacted every local XXXX XXXX, state and federal agencies to refinance and/or request a loan modification. I also worked with XXXX. Each bank wanted a higher month's/increasing rate each month for these " modifications ''. I was a divorced parent not receiving child support and on a teacher 's salary. Long story short, I lost my home. I still drive past my former home and become very sad. I feel like I was set up for failure from the very beginning. My mortgage changed hands XXXX times, each time causing me to have to begin the process again and again of requesting a modification and/or help lowering/refinancing my mortgage. The big banks were bailed out of their errors but people like me are still suffering ... wishing I could, again, purchase a home. Minorities like myself were taken for an expensive ride. 

XX/XX/XXXX XXXX proceeds with predatory lending lawsuit A federal court has denied a joint motion filed by XXXX major financial institutions seeking to dismiss the XXXX 's landmark lawsuit challenging XXXX discrimination in sub-prime home mortgage lending. The court found that the XXXX had standing to bring the lawsuit, and that it had adequately stated its claims for the lawsuit to proceed. The lenders will now be required to turn over information and documents regarding their mortgage policies and practices. 
" This victory is significant, and was a long time coming, '' said XXXX XXXX XXXX XXXX. " It is time for these lenders to be held accountable. We look forward to forcing real change and real relief through this lawsuit. '' According to the lawsuit, XXXX homeowners who received mortgage loans had a more than XXXX percent greater likelihood of being issued a higher rate sub-prime loan than XXXX borrowers with the same qualifications. The Federal Reserve XXXX, XXXX Department of Housing and Urban Development, and FDIC have all made similar observations. 
XXXX XXXX, Senior Vice President for Field and Membership stated, " Hundreds of neighborhoods have had the fabric of their community life ruined and millions of families have lost their homes because of racially discriminatory lending policies. This lawsuit demonstrates how critical it is for XXXX to not allow banks to be granted immunity from racially discriminatory practices and to insure that they are held accountable under the XXXX XXXX relief XXXX. Otherwise the destructive impact of these policies will only continue to devastate neighborhoods and families. '' Mortgage lenders named in the lawsuit include : XXXX XXXX XXXX XXXX XXXX, XXXX Mortgage XXXX, XXXX XXXX XXXX Mortgage XXXX XXXX XXXX, XXXX Bank XXXX, XXXX, XXXX XXXX XXXX XXXX, XXXX First Horizon XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX, XXXX, XXXX., XXXX XXXX Mortgage, XXXX XXXX Mortgage Corp., XXXX Mortgage, and XXXX Mortgage, XXXX. 
" The XXXX brought this suit as part of its longstanding demand that offending lenders stop discriminatory practices and bring their activities into compliance with federal law, including the Fair Housing Act, the Equal Credit Opportunity Act, and the Civil Righ