Consumer Beware of Lending Practices

Home owners at risk of losing their homes may now have an avenue of recourse. Lisa Beth Older, a New York Attorney, will perform an in-depth constitutional analysis of present bank lending practices which will be offered as a basis for a proposed Congressional review. Victims of lending abuses are invited to join in the submission of a brief one-page complaint addressed to Lisa Beth Older, Esq. so that an assessment can be made as to whether or not the latest lending policies are widespread, whether they intentionally violate anti-trust laws, whether the constitutional rights of individual consumers in the free market place have been violated, and whether or not legislative or judicial intervention is warranted.    

Moreover, lending institutions and commercial banks may very well be in violation of the Anti-Trust Act. Lisa Beth Older says that an investigation should be held by Congress to review any potential scheme of collectively engaging in the adoption of widespread abusive lending practice that refuse to re-finance loans for borrowers who had their house on the market within the last 90 to 120 days. This scheme has forced many home owners into foreclosure or debt. “The deplorable widespread lending practice of denying refinancing to qualified borrowers, who, in precedent months, listed their home for sale, should be carefully scrutinized by our government,” says Lisa Beth Older, Esq.

Commercial banks are further refusing to reduce interest rates for status quo customers with good credit based upon other bogus excuses such as the value to loan ratio is not sufficient, or by using old tax rolls in lieu of real estate appraisals. Lisa Beth Older, Esq. is further asking Congress for a moratorium on foreclosures. Lisa Beth Older will make application to hold a Congressional hearing if there is enough evidence of widespread abuse. If you feel you are a victim of such unfair bank practices feel free to mail your complaint to FRONT DESK at Gateway Plaza (Attn Lisa Older Esq.) at 375 South End Ave Building 400 NY NY 10280. To ensure review, please be sure to bold FRONT DESK DELIVERY on the face of your envelope. Make it no more than one page. Include your name, address, telephone number, the financial institution in question, and your email address, together with a brief one-half (1/2) page description of how, when and why you were refused refinancing. Be sure you sign and/or notarize your complaint. Emails will not be accepted. All submissions longer than one page will be returned to the sender.
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“The housing crisis is caused in large part by predatory banking practices.” The government is planning on bailing out the very institutions that caused the home foreclosure crisis without similarly bailing out victimized home owners suffering from unduly high interest rates. These suspect loan practices use unfair or fraudulent loan criteria to deny credit to the credit-worthy. The lending practices currently being reviewed involve refusal of lending institutions to provide pre-existing borrowers with the same interest rate currently offer to new borrowers. The current high paying borrowers were lured into low flexible variable rate loans, and were verbally promised lock-in rates if rates increased. After the rates increased exponentially, borrowers locked in their loans at significantly higher fixed interest rates relying upon the lender’s promise that once interest rates declined again they could always convert their loan back to an adjustable variable rate. However, these high paying borrowers, in reliance upon this misleading information, applied for the adjustable loan and were unceremoniously declined. Presently it appears that while new customer loan applications are being accepted, pre-existing mortgagor applications have been denied by the same institution that offered them their previous low interest variable rate home equity loan in the first instance. Accordingly, as attorney Lisa Beth Older says, “All government bail-outs offered to lending institutions should be contingent upon bail-outs for borrowers victimized by predatory practices.” The government’s failure to regulate banks has resulted in the flagrant violation of constitutional rights, alleges attorney Lisa Beth Older. It is a violation of equal protection under the law if a bank provides lower interest rate loans to new mortgagors, while refusing to refinance existing customer loans at the same interest rate where both of the aforementioned home loan borrowers are similarly financially situated with respect to their income, loan-to-risk ratio, and credit status. The result is that the middle class person with pre-existing excellent credit is stuck with a higher interest rate, the new borrower is able to secure a lower interest rate, and the banks can use both borrowers to cover the losses incurred in the foreclosure market due to their own predatory practices. www.nycdivorcelawyer.net