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CFBP vows to get serious with contract for deed home sales https://t.co/af6wlyHUuM and cites some of the stories in our 2016/2017 series The Housing Trap cc @jotted
Contracts for deed are under federal mortgage protections: CFPB https://t.co/cdnOit7awH
During the subprime mortgage crisis, predatory lending destroyed people’s financial lives. Today, the @CFPB is acting to ensure that a form of home lending that targets religious communities, known as “contract for deed,” doesn’t follow the same path. https://t.co/KNVlE0KzAo
The Consumer Financial Protection Bureau (CFPB) has released an advisory opinion and research report on 'contract for deed' home sales, a form of home seller financing. The CFPB aims to prevent predatory lending practices that target religious communities, drawing parallels to the subprime mortgage crisis. Contracts for deed are now under federal mortgage protections. The CFPB's actions include a hearing scheduled for tomorrow at 10 a.m. CT/11 a.m. ET at the University of St. Thomas, St. Paul Campus, which will be livestreamed.