Hispanics vulnerable to predatory lending
Tagged: Chile, Mexico, Santa AnaPosted on: October 14th, 2007“Soledad Aviles dreamed for years of owning a home, with a plot of land where he could grow corn and chiles as he did in his native Mexico. So he felt blessed last year when he learned he could buy a three-bedroom, single-story stucco house on West La Verne Avenue in Santa Ana.
Referred to a local loan broker by a trusted friend, he borrowed the entire purchase price of $615,000 from Washington Mutual at a high interest rate typical of subprime loans. The monthly payment, as he says he understood it, would be $3,600 – steep for a glass cutter who made $9 an hour – but Aviles counted on his wife and three of his six daughters, who also worked low-paying jobs, to contribute.”*
Curation from Tomás
Filed Under: 1. Hispanic News, Real Estate, Your Money
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