Industry News

Predatory lending targeting Latinos on the rise

Houston site aims to educate on common scams

Latinos are twice as likely as other groups to be targeted by a growing wave of predatory lending and other real estate con games and to help them avoid falling victim, CasaNuevaHouston.com has posted a "Home Buyers Bill of Rights" highlighting the most common abuses. CasaNuevaHouston.com decided to create the bill of rights when its founders kept hearing stories of predatory lending and other real estate scams from consumers and real estate agents in Houston's Latino community. "Latinos are quick to embrace the American dream of home ownership, because in most Latin American countries, mortgage lending as we know it doesn't exist," said Anita Sparks-Bohn, a founder of CasaNuevaHouston.com. "This eagerness creates a wide opening for scam artists, especially when combined with a language barrier and a general lack of understanding about the home-buying process." Sparks-Bohn said creating a "Home Buyer's Bill of Rights" was a logical step for CasaNuevaHouston.com, launched in 2005 to h...

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