News and Legislation
Mayor Nickels, Partners Advise Consumers: "Don't Borrow Trouble"
New effort underway to warn consumers about abusive, fraudulent home loans
City of Seattle news release - April 17, 2003
Elderly, low-income, minority and immigrant consumers are much more likely to have home loans at excessive interest rates, and these groups are often victims of predatory lending practices, Mayor Greg Nickels said today. Read More.
Don't be tricked into high lending fees, officials urge
Seattle Times (April 17, 2003)
Seattle Mayor Greg Nickels and King County Executive Ron Sims today are scheduled to help launch a campaign warning consumers about mortgage-lending practices that trick borrowers into paying exorbitant interest rates and excessive fees. Read More.
City takes aim at predatory lending
Seattle Post-Intelligencer (April 17, 2003)
A loan officer talks a homeowner into a budget-saving mortgage refinance, but turns around and hammers the customer with outrageous fees, unnecessary insurance premiums and interest rates that are higher than promised. Read More.
Washington Home Owners to Share in Predatory Lending Settlement
In a joint announcement today, Helen Howell, Director of Financial Institutions, Attorney General Christine Gregoire, and Insurance Commissioner Mike Kreidler announced a nationwide settlement with Household International and its subsidiaries, Household Finance Corp. (HFC) and Beneficial Finance Corp. Read More.