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Posted on: April 10th, 2008
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Ozell and J.W. McBee, a retired Black couple, had lived with their three grandchildren in their South Side Chicago home since 1999. In 2006, they received a call from a “mortgage consulting” company offering to re-finance them into a mortgage with a monthly payment $100 lower than the $700 a month they were paying. But to get that lower rate, the McBees were told, they would first have to be refinanced into a mortgage with payments of $1,400 for two months. Ozell and J.W. signed up, and they borrowed money on their credit cards to make the two $1,400 payments.”*
*From: http://www.indybay.org
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