Predatory lending could force Bed-Stuy elder out of home

TRD New York /
Aug.August 15, 2011 03:35 PM

A 16-year-old loan from predatory lender Delta Funding is threatening to leave an 82-year-old great-grandmother homeless. The New York Daily News reported Mary Lee Ward faces eviction from her Bedford-Stuyvesant home.

In 1995 Ward was targeted by Delta Funding, a subprime lender that was sued by the federal government four years later for zeroing in on black women in Brooklyn and Queens with predatory loans, which sent her a flyer promising a $10,000 cash advance if she borrowed against her single-family home at 320 Tompkins Avenue. Ward accepted the offer needing cash to protect her great-granddaughter from being adopted.

But she claims she only received $1,000 of the cash. In 2001 Delta Funding told her they had canceled the loan. However, it appears that never happened and her mortgage has been kicked around for years, growing from a $82,000 loan to a debt of more than $200,000, before being bought in a foreclosure auction last year by 768 Dean Inc. The firm sent her 18 eviction notices in a single day last weekend, and grass-roots lawyers who have taken her case admit the law offers her little protection. [NYDN]


Related Articles

arrow_forward_ios
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

The Daily Digest - Tuesday

WeWork bonds hit low, new LLC legislation went farther than intended: Daily digest

WeWork's co-CEO Sebastian Gunningham speaks at the launch of Dock 72

What, We Worry? Execs remain confident in WeWork-anchored Brooklyn project

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Robert Shapiro gets 25 years in prison for massive Ponzi scheme

arrow_forward_ios