Memphis-Area Victims Of High Cost Home Improvement Loans Reach Legal Settlement
- Memphis Area Legal Services, representing 17 Memphians against Equity Title and a host of other alleged predatory lenders, alleged in federal court that Equity Title deceived loan applicants by piling on charges and backdating closing documents, among other claims.
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- The last of the plaintiffs settled their claims out of court in June. Hawkins and the others received a settlement of
$1.3 million in money damages and $1.7 million in mortgage restructuring. As a result of that lawsuit and others, Equity Title has gone out of business.
For more, see Predatory Lending: Boom and Bust (Clients fought back over subprime loans; Firm targeted high-cost notes to black borrowers).
Go here and go here for other posts on alleged race bias in real estate transactions. race bias predatory lending
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