Predatory lending is the practice of convincing borrowers to agree to unfair and abusive loan terms. Predatory industries generally target racial minorities, women, and the elderly, but anyone can become a victim of predatory lending. This lending normally occurs with loans backed by collateral, such as a car or house, so that if the borrower defaults on payment, the unscrupulous lender can profit by selling the repossessed or foreclosed property. Other types of predatory lending include payday loans, credit cards, and overdraft loans, in which the interest rates are considered unreasonably high.
An example of our work includes:
Joyce Saucier, et al. v. Countrywide, et al.
Sanford Heisler represents eleven African-Americans and their home-owners association in a case involving the Kings Court development in Southeastern Washington D.C. Our clients are suing the real-estate developer, lenders, and other entities involved in fraudulently providing them sub-standard properties that have been plagued by flooding, mold, and other structural defects, and for engaging in predatory lending practices with respect to financing. The Defendants in the case engaged in a property-flipping scheme, designed to sell defective units to unwary first-time homebuyers. Defendants intentionally and fraudulently targeted our clients who were inexperienced and unsophisticated first-time homebuyers. Our clients were deceived into purchasing units that were fraudulently over-appraised and whose cosmetic repairs resulted in unstable, unsafe, hazardous, and uninhabitable dwelling units. As a result, our clients were subjected to intolerable living conditions. Sanford Heisler has asked the court to allow our case to go to trial in 2010. More