The company is accused of making false statements and predatory loans in the Houston area.
The Department of Justice and Consumer Financial Protection Bureau filed a lawsuit against Texas real estate developer Colony Ridge this month, alleging that the company committed fraud under the Interstate Land Sales Full Disclosure Act against thousands of Hispanic borrowers.
Attorney General Merrick Garland stated that the complaint “alleges that Colony Ridge targeted Hispanic consumers with predatory loans, misled borrowers about the water, sewer, and electrical infrastructure on its lots, and exploited language barriers by conducting most of its marketing in Spanish while offering important transaction documents only in English.”
He added, “Discrimination in lending harms families and neighborhoods for generations, it is wrong, and it has no place in our country.“
As the Lord Leads, Pray with Us…
- For Director Rohit Chopra as he heads the Consumer Financial Protection Bureau.
- For Attorney General Merrick Garland as he leads the Department of Justice.
- For U.S. officials as they seek to protect home buyers from fraudulent and predatory lending.
Sources: Reuters, Consumer Financial Protection Bureau
