October 28, 2016
Bookmark and Share

Discrepancies Detailed In Minority Foreclosures


Foreclosure Rescue Scams: A Nightmare complicating the American Dream” – A research study by NCRC

Today, the National Community Reinvestment Coalition released a report addressing the concerns surrounding foreclosure prevention rescue scams. The research study was conducted for a period of three months in mid-2009 using “fair lending matched pair testing” or mystery shopping” to assess the extent of the problem. Findings of the study demonstrate that an aggressive legislative solution and added public and private oversights and enforcement are necessary to prevent consumers from being harmed.


Foreclosure modification scams have been a problem for years. However, this insidious practice has become more prevalent in the recent increase of foreclosures. Scammers mislead homeowners into believing that they will get a modification that significantly lowers their payment, or stabilizes an exploding adjustable rate mortgage or “ARM.” Common scams perpetuated against consumers, include phantom help, reverse mortgages, title theft, and short sale fraud. Often times, scams come in the form of ads in the newspaper, internet, public files at local government offices, television and personalized letters to homeowners.

Click here to read the report in its entirety.


The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.





Back to top
| Back to home page

White House Live Stream
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News